Industrial packaging products and services provider Greif has secured antitrust clearance in the US for its $1.8bn acquisition of paperboard and packaging solutions firm Caraustar Industries.
Greif said that the US Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act regarding its pending acquisition of Caraustar.
Greif and Caraustar intend to close the acquisition on 11 February, as the latest clearance is the last regulatory approval required to complete the pending acquisition. The deal is subject to customary closing conditions.
In December 2018, Greif signed an agreement to acquire Caraustar Industries from H.I.G. Capital in a deal valued at around $1.8bn.
Based in Austell of Georgia , Caraustar is specialized in the production of uncoated recycled paperboard (URB) and coated recycled paperboard (CRB), which can be used in various applications such as tubes and cores and diverse mix of specialty products.
The businesses comprise of recycling services, mill group, industrial products group, and consumer packaging.
The recycling services and mill group produces coated and uncoated paperboard and specialty paperboard products, while industrial products group produces tubes and cores, construction products, protective packaging, adhesives.
Caraustar’s consumer packaging unit produces folding cartons and set-up boxes, as well as offers packaging services to the customers.
Greif produces various products such as steel, plastic and fiber drums, intermediate bulk containers, reconditioned containers, flexible products, containerboard and packaging accessories.
With operations in over 40 countries, the company also offers filling, packaging and other services for different industries.
Based in Miami, H.I.G. is a major global private equity investment firm with over $15bn of equity capital under management. H.I.G provides capital to small and medium-sized companies and also invests in management-led buyouts and recapitalizations of profitable and well-managed manufacturing or service businesses.
The company has offices in Atlanta, Boston, Chicago, Dallas, New York, and San Francisco in the US, as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, and Rio de Janeiro.