Global food packaging company Sabert has acquired sustainable food and beverage packaging manufacturer LBP Manufacturing (LBP).
The acquisition is expected to increase Sabert’s annual sales to over $900m. The company’s global workforce will also reach approximately 3,000.
JPMorgan Chase Bank, Wells Fargo Securities, SunTrust Robinson Humphrey and Nomura Securities International will fund the deal.
Sabert received financial advice from Mesirow Financial and legal services from Gibbons P.C. Rothschild & Co and Lazard acted as financial advisors for LBP.
Sabert founder and CEO Albert Salama said: “Sabert’s success has always been based on our deep-rooted commitment to providing innovative and sustainable solutions to meet our customers’ needs.
“LBP’s customer-centric culture and superior track record of developing performance-driven products that respond to their customers’ needs makes them a great fit to join our organisation.
“As a leader in paper-based packaging, LBP’s strong position in the quick-service restaurant channel combined with Sabert’s sales network and global presence will allow the new organisation to deliver tremendous value to the market, enabling us to achieve our vision of being the most admired company in our industry.”
The deal is expected to close in early December after meeting customary closing conditions and receiving regulatory approvals.
Based in Sayreville, US, Sabert has operation facilities in New Jersey, California, Indiana, Kentucky and manufacturing facilities in Nivelles, Belgium and Zhongshan, China.
Based in Chicago, US, LBP specialises in hot beverage solutions such as the original hot cup sleeve Coffee Clutch.
The company has manufacturing units in the US, Poland and China with operations across the globe.