NEW YORK — Coridel Capital Partners LLC today announced that it has closed on the sale to RockTenn (NYSE: RKT) of the assets of Coridel's portfolio company Mid South Packaging LLC, a specialty corrugated packaging manufacturer with operations in Cullman, Alabama, and Olive Branch, Mississippi.
"It has been a privilege to partner with the Mid South management team as they built a robust company, making significant operational improvements, growing revenues and delivering record earnings year after year during our investment period. This transaction demonstrates the significant value that has been created," said Tyler Kwon, Chairman and CEO of Coridel. "I am confident that under the leadership of the RockTenn organization, Mid South will continue its tradition of excellence and innovation."
"The acquisition of Mid South, a company well-known for its profitable business model and efficient, well-run operations, is in keeping with our announced strategy to seek acquisitions that increase our integration level," said James A. Rubright, Chairman and Chief Executive Officer. "Adding Mid South's unique customers to RockTenn's already diversified customer base further strengthens our market reach."
Mid South is comprised of three main segments: AutoLogic™, which supplies specialized packaging to the automotive parts industry; the ComboPAC™ Food Group, which supplies bulk boxes to the poultry and meat industries; and the Retail Design Group, which provides high-end corrugated packaging and retail displays to consumer packaged goods companies.
Mason H. Drake of law firm Greenberg Traurig, LLP acted as legal advisor to Coridel.
About Coridel Capital Partners
Coridel Capital Partners is a New York based alternative asset management firm that invests through a variety of funds covering multiple asset classes. Coridel directs capital in companies that possess strong business fundamentals with identifiable opportunities to enhance value and secure growth in the consumer, retail, industrial, leisure, gaming and specialty service markets. Coridel is currently expanding its base of operations to Asia through the opening of offices in Hong Kong and Shanghai. For more information, please visit Coridel's website at www.coridel.com.
Coridel Contact
Gina Sung, 212-332-3448
About RockTenn
RockTenn (NYSE: RKT) is one of North America's leading integrated manufacturers of corrugated and consumer packaging and recycling solutions. RockTenn's 26,000 employees are committed to exceeding their customers' expectations – every time. The Company operates locations in the United States, Canada, Mexico, Chile, Argentina and China. For more information, visit www.rocktenn.com.
Source: Coridel Capital Partners LLC