Sabert Corporation, a leading global food packaging company, announced that it has entered into a definitive agreement to acquire LBP Manufacturing LLC. LBP is a leading producer of environmentally progressive and sustainable food and beverage packaging.
Chicago-based LBP combines innovation in material science, equipment and converting technology to develop consumer-preferred, sustainable, paper-based foodservice packaging for its customers. The company is widely known for its hot beverage solutions such as the original Coffee Clutch hot cup sleeve and Beverage on the Move™ insulated beverage to-go carrier in addition to a variety of unique catering trays, folding cartons, clamshells and other containers. LBP maintains a global operating footprint with manufacturing facilities in the U.S., Poland, and China. With the addition of LBP, Sabert's annual sales will exceed $900 million with approximately 3,000 employees globally.
"Sabert's success has always been based on our deep-rooted commitment to providing innovative and sustainable solutions to meet our customers' needs," says Albert Salama, Founder and Chief Executive Officer of Sabert. "LBP's customer-centric culture and superior track record of developing performance-driven products that respond to their customers' needs makes them a great fit to join our organization. As a leader in paper-based packaging, LBP's strong position in the Quick Service Restaurant channel combined with Sabert's sales network and global presence will allow the new organization to deliver tremendous value to the market, enabling us to achieve our vision of being the most admired company in our industry."
"Joining Sabert is a great opportunity for our customers and people," says Matt Cook, the Chief Executive Officer of LBP. "Both companies have a long-standing history of combining innovation, sustainability and customer-centric product development to provide high quality solutions that meet the evolving needs of our customers. We look forward to working with the Sabert team in building an even more comprehensive packaging company with a shared mission of enhancing the way people enjoy food and beverages."
Financing for the transaction has been committed by JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC., SunTrust Robinson Humphrey, Inc., and Nomura Securities International, Inc. JPMorgan Chase Bank, N.A. will serve as the exclusive Administrative Agent for the financing. The transaction is expected to complete in early December 2019, subject to customary closing conditions, including applicable regulatory approvals.
Mesirow Financial served as Sabert's exclusive financial advisor and Gibbons P.C. served as Sabert's legal advisor. Rothschild & Co and Lazard served as LBP's exclusive financial advisors