ONCAP IV acquires IntraPac from CI Capital Partners

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By Ted Liu

ONCAP, the mid-market private equity platform of Onex Corporation (TSX: ONEX), has acquired IntraPac International Corporation from funds managed by CI Capital Partners LLC. Financial terms were not disclosed.

ONCAP IV, in partnership with the IntraPac management team, invested approximately $120 million of equity, of which Onex’s share was approximately $45 million as a limited partner in the fund.

Mooresville, North Carolina based IntraPac is a designer and manufacturer of specialty rigid packaging solutions including sticks, jars, vials, closures, spouts, bottles, tubes and metered dose inhaler can coating services.

IntraPac’s products are primarily sold to customers operating in the personal care, household products, food and beverage, and pharmaceutical industries. The company has more than 800 employees with nine manufacturing facilities located in Canada, the United States and Costa Rica.

CI Capital Partners acquired the operations of Mississauga, Ontario based IntraPac Group in January 2012.

“IntraPac has an exceptional reputation for its high-quality products and customer service, which has led to strong growth and established the company as a market-leader in many of its segments,” said Ryan Mashinter, a Managing Director with ONCAP. “We’re very excited to partner with Ray Grupinski and the IntraPac team to grow the company both organically and through acquisitions in the years to come.”

“ONCAP’s strong investment track record and deep knowledge of the packaging industry will add substantial value as we embark on our next phase of growth,” said Ray Grupinski, Chief Executive Officer of IntraPac. “We’re grateful for CI Capital’s support throughout its ownership and look forward to building on the solid foundation it helped us establish.”

“During our ownership, Ray did a fantastic job invigorating IntraPac’s sales strategy by identifying and executing organic growth opportunities at the company,” said Tim Hall, a Managing Director at CI Capital. “We’re proud of what we accomplished together with Ray and wish IntraPac and ONCAP continued success.”

IntraPac was advised by William Blair & Company and ONCAP was advised by Berenson & Company in connection with this transaction. An affiliate of Berenson & Company also made an equity investment into IntraPac.

photo credit: IntraPac