PE backed Inno-Pak acquires Albany Packaging

CPE News

CPE News (11.30.2023) – Inno-Pak, LLC, a portfolio company of Emerald Lake Capital Management, has acquired Albany Packaging Inc. Financial terms were not disclosed

Led by owner Stan Engelberg, Markham (sorry not MARKUM), Ontario based Albany specializes in the design and manufacture of custom and stock folding paperboard cartons, including bakery boxes and food packaging items such as trays and takeout boxes. Albany’ manufacturing facility services customers across the food service, grocery and convenience store channels.

The transaction marks the third acquisition by Inno-Pak over the past two years, following the acquisitions of Stalk Market in February 2022 and Finishing Services Inc. in March 2023.

photo credit: Albany Packaging

News Release

Innovative and Eco-Friendly Food-Packaging Leader Inno-Pak Acquires Albany Packaging

Increases Integrated Manufacturing Capabilities, Creates an Even More Resilient Supply Chain and Expands Product Portfolio in Paper

November 29, 2023 09:00 AM Eastern Standard Time

DELAWARE, Ohio & MARKUM, Ontario–(BUSINESS WIRE)–Inno-Pak, LLC (“Inno-Pak” or the “Company”), a portfolio company of Emerald Lake Capital Management and a leading designer, manufacturer, importer and supplier of innovative, eco-friendly packaging for prepared and takeout foods, today announced that it has acquired Albany Packaging Inc. (“Albany”).

Albany specializes in the design and manufacture of custom and stock folding paperboard cartons, including bakery boxes and food packaging items such as trays and takeout boxes. Albany has a manufacturing facility in Ontario, Canada, which services customers across the food service, grocery and convenience store channels.

“We are excited to add Albany’s facilities, products and people to Inno-Pak as we strive to bring our world-class customers the best packaging available anywhere,” said Chris Sanzone, Chief Executive Officer of Inno-Pak. “This acquisition increases our North American integrated manufacturing capabilities and marks a crucial step in our manufacturing expansion plan to create an even more resilient supply chain. Albany also deepens our ongoing investments in paper capacity as we continue to innovate to make packaging more eco-friendly.”

Jon Sill, Chairman of Inno-Pak, added, “Inno-Pak stands at an important inflection point with several favorable trends in our end markets of the food service, grocery, convenience store and hospitality industries. The acquisition of Albany enhances our ability to capitalize on these positive trends with one of the most diverse custom and stock folding carton programs. With our recent portfolio additions and our continued investments in innovation, we are better positioned to serve our customers.”

“We are excited by Inno-Pak’s focus on innovative, sustainable, high-quality packaging, which is reflected in its vast product offering and differentiated ability to work across multiple substrates and product types to stay ahead of consumer preferences and trends,” said Stan Engelberg, Owner of Albany. “We look forward to building on our success and taking our dedication and service to our customers and the environment to the next level together with Inno-Pak.”

The transaction marks the third acquisition by Inno-Pak over the past two years, following the acquisitions of Stalk Market in February 2022 and Finishing Services Inc. in March 2023.

Terms of the transaction were not disclosed.

About Inno-Pak

Founded in 1992, Inno-Pak is a North American leader in innovative, sustainable, high-quality food packaging for the food service, grocery, convenience store and hospitality industries. Inno-Pak has a broad range of more than 100 patented products across multiple substrates, supported by robust manufacturing capabilities – which include sheeting/printing, die cutting, windowing, gluing and forming – and design services. Inno-Pak designs its innovative products specifically to address the needs of its direct customers and end consumers in the growing prepared food and takeout sectors. All of Inno-Pak’s manufacturing facilities are certified food-safe by global standards and maintain rigorous standards for quality.

As a proud member of the Sustainable Packaging Coalition, Inno-Pak focuses almost exclusively on packaging that is recyclable, reusable, compostable, or a combination of all three categories. Inno-Pak is the creator of the Compostable INNOBOX EDGE™, the only paperboard takeout carton certified compostable by the Biodegradable Products Institute. Headquartered in Delaware, Ohio, Inno-Pak has production facilities in the United States and Canada and offices in Houston, Portland, Oregon, Shanghai and Hong Kong.

About Albany Packaging Inc.

Albany Packaging specializes in the design and manufacture of quality folding paperboard cartons. Since 1947, Albany Packaging has been helping clients to determine their needs and execute them – on time and budget. From stock to custom designs, Albany Packaging can meet any need in a timely, personal and professional manner.

About Emerald Lake Capital Management

Emerald Lake Capital Management is a growth-oriented private equity firm led by an experienced team who have invested together for many years. Emerald Lake has a flexible approach to investing and focuses on capital-efficient businesses with sustainable competitive advantages, growth tailwinds, and controllable levers to generate value. As of September 30, 2023, Emerald Lake has over $1.25 billion of assets under management across its seven platform investments.
Contacts

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