Press release from Business Wire
RockTenn Acquires Mid South Packaging from Coridel Capital Partners to Expand Corrugated Businesses
Monday, June 25, 2012
NORCROSS, Ga. (Business Wire) -- RockTenn (NYSE:RKT) today announced that it has closed on its acquisition of the assets of Mid South Packaging LLC, a specialty corrugated packaging manufacturer with operations in Cullman, Alabama, and Olive Branch, Mississippi, from Coridel Capital Partners.
“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, RockTenn's Chairman and Chief Executive Officer. “Adding Mid South's unique customers to RockTenn's already diversified customer base further strengthens our market reach.”
“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 Chief Executive Officer of Coridel. “I am confident that under the leadership of the RockTenn organization, Mid South will continue its tradition of excellence and innovation.”
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.
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.
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. For more information, visit Coridel's website at www.coridel.com.
John Stakel, 678-291-7900
Senior Vice President-Treasurer
Robin Keegan, 770-326-8245
Director, Corporate Communications