June 13, 2018 – Graphic Packaging International has agreed to acquire virtually all assets of PFP, LLC and its related entity PFP Dallas Converting, LLC.
PFP is an independent converter focused on the production of paperboard-based air filter frames and operates two manufacturing facilities in Lebanon, Tenn. and Lancaster, Texas.
The business converted approximately 18,000 tons of paperboard, primarily CUK, and generated strong EBITDA margins on an LTM basis. Synergies from the acquisition will be driven by the integration of additional CUK paperboard tons and cost efficiencies.
“The PFP acquisition extends our leading position in the growing paperboard-based air filter frame market, which we established with the acquisition of Carton Craft in July 2017,” president and CEO Michael Doss said. “The transaction is consistent with our strategy to pursue acquisitions that allow us to increase our mill to converting plant integration levels into growing markets at compelling post-synergy EV/EBITDA multiples.”
Graphic Packaging Holding Company, of which Graphic Packaging International is a subsidiary, is headquartered in Atlanta, Ga., and is a leading provider of paper-based packaging solutions for a wide variety of products to food, beverage, foodservice, and other consumer products companies.
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