WestRock Acquires Hannapak
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WestRock Company, Norcross, Georgia, is expand- ing its consumer packaging portfolio with the acqui- sition of Hanna Group Pty Ltd. (Hannapak), an Australian provider of folding cartons to a variety of markets, including beverage, food, confectionary, and healthcare. Hannapak is based in western Sydney in North Richmond, New South Wales. Started in 1967 by Charles Hanna, the company converts approximately 30,000 tons of paperboard into folding cartons, in- cluding for WestRock’s beverage packaging cus- tomers. The business has been led by Sam Hanna, who joins WestRock and will continue to lead the ac- quired operations. WestRock expects to generate significant synergies with its current business in the region, including inte- gration of additional WestRock paperboard into the Hannapak system. The AUD$75 million purchase price will be paid in cash and is subject to a customary net working capi- tal adjustment. The purchase price represents an EBITDA multiple of seven times (pre-synergies) or less than five times after WestRock’s synergies have been taken into account. TemperPack Raises $10 Million To Expand TemperPack, a Richmond, Virginia-based manufac- turer of sustainable packaging technology for perish- able goods, has raised $10 million in an investment round that will help it further expand its operations and add jobs. The investment comes about five months after Tem- perPack announced plans to spend $2 million to ex- pand its headquarters and manufacturing operation. The company employs about 270 people now and makes environmentally friendly packaging used by its customers to ship insulated, temperature-sensitive products such as food and pharmaceuticals. TemperPack is now planning to open its second manufacturing facility in Las Vegas, Nevada, to supply West Coast customers. SJF Ventures, a Durham, N.C.-based investment firm, led the fundraising round, joined by Interplay Ven- tures,Third Prime Capital and Dolik Ventures. Robert Beckler, the former President of Packaging WestRock Co., also participated in the round and has joined the company’s board of directors as Executive Chairman.
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