MIAMI, FL – (DECEMBER 12, 2006) – Trivest Partners, L.P. (“Trivest Partners”) today announced that it has completed the recapitalization of Box-Board Products, Inc. (“Box-Board” or “the Company”), a leading manufacturer of custom corrugated products. The Company, which was founded in 1968, operates from its headquarters in Greensboro, North Carolina.
Since the mid-1990’s, Box-Board’s management team has invested heavily in quick setup, high throughput machinery and established an expertise in just-in-time delivery. This strategy enables the Company to deliver highly complex custom box orders with minimal lead time, substantially differentiating Box-Board from other corrugated providers. This approach has also driven impressive growth for the Company. Today, Box-Board has nearly $50 million in revenue and offers a broad range of custom corrugated products and packaging materials to over 1,200 customers throughout the southeast.
“From our first meeting with the Company’s founder, Gray Ingram, we have been impressed with Box-Board’s commitment to reinvest its profits and build a truly differentiated company in the corrugated box industry,” said Troy D. Templeton, Trivest’s Partner and Chief Operating Officer. “With its strong cash flow, history of growth and highly diversified customer base, Box-Board is perfectly aligned with companies that Trivest has successfully partnered with in the past. Additionally, Trivest seeks companies with strong management and Gray Ingram and Rodney Ingram, Box-Board’s President and CEO, are exceptional leaders who have built a deep management team. We look forward to their continued leadership.”
Gray Ingram, the Company’s founder and Chairman stated, “Throughout the transaction process, Trivest has displayed a commitment to maintaining the customer service focused culture that has been the foundation of Box-Board’s strategy. Additionally, Trivest creatively structured the transaction to provide stock ownership opportunities to many of our key managers. We strongly believe that Trivest is the right partner to take our business to the next level.”
Rodney Ingram, Box-Board’s President and CEO stated, “As we look to expand Box-Board through complimentary acquisitions in our geographic footprint, we strongly believe that the Company will benefit not only from the capital that Trivest has injected into our business, but also from the strategic knowledge that Trivest has gained over its 25-year history. From day one, the Trivest team demonstrated a keen understanding of the factors that will drive Box-Board’s future success.”
Bank of Ireland and Churchill Financial LLC led the financing for the transaction. Greenberg Traurig, LLP acted as legal advisor to Trivest Partners.
Trivest Partners, L.P., a private investment firm, is a leading provider of equity for middle market corporate acquisitions, recapitalizations and growth capital financings. Since its founding in 1981, Trivest has sponsored more than 130 acquisitions and recapitalizations, totaling nearly $3.0 billion in value. For more information, please visit www.boxboardproducts.com and www.trivest.com.