Industrial Opportunity Partners (IOP), an operations-focused private equity firm, has completed the sale of portfolio company El Dorado Packaging (El Dorado) to ProAmpac Holdings (ProAmpac), a global flexible packaging company that serves consumer packaged goods customers across a diverse set of end markets.
The divestiture represents IOP’s sixth investment realisation from its USD275 million second fund, Industrial Opportunity Partners II. Terms of the transaction have not been disclosed.
El Dorado was formed in September 2014 through the acquisitions and merger of the Multiwall Packaging Division of Greif, Inc and El Dorado Paper Bag Manufacturing Company. The Company is a manufacturer of large and small format paper packaging with three manufacturing facilities that feature on-site graphics capabilities, custom packaging design, printing and converting.
IOP Managing Director Chris Willis says: “We are excited for El Dorado to join the ProAmpac platform, and we believe both businesses will benefit from the expansion in scale, product line and depth of customer and supplier relationships. We would like to thank the management team of the Company and wish them continued success in the future.”
Molly Meyer, co-Chief Operating Officer of El Dorado, says: “We value the partnership we’ve built with IOP, and it is a natural progression for El Dorado to find a strategic partner with a similar business model and set of core values.”
Mesirow acted as financial advisor and McDermott Will & Emery LLP provided legal representation to IOP in connection with the sale transaction.
