Evanston, Ill., April 21, 2021 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced that it has completed the sale of portfolio company El Dorado Packaging Inc. (“El Dorado” or the “Company”) to ProAmpac Holdings Inc. (“ProAmpac”), a global flexible packaging company that serves consumer packaged goods customers across a diverse set of end markets. The divestiture represents IOP’s sixth investment realization from its $275 million second fund, Industrial Opportunity Partners II, L.P. Terms of the transaction were not disclosed.
El Dorado was formed in September 2014 through the acquisitions and merger of the Multiwall Packaging Division of Greif, Inc. and El Dorado Paper Bag Manufacturing Company. Based in Rosemount, Minn., the Company is a manufacturer of large and small format paper packaging with three manufacturing facilities that feature on-site graphics capabilities, custom packaging design, printing and converting.
IOP Managing Director Chris Willis commented, “We are excited for El Dorado to join the ProAmpac platform, and we believe both businesses will benefit from the expansion in scale, product line and depth of customer and supplier relationships. We would like to thank the management team of the Company and wish them continued success in the future.”
Molly Meyer, co-Chief Operating Officer of El Dorado, noted, “We value the partnership we’ve built with IOP, and it is a natural progression for El Dorado to find a strategic partner with a similar business model and set of core values.”
Mesirow acted as financial advisor and McDermott Will & Emery LLP provided legal representation to IOP in connection with the sale transaction.
About El Dorado
El Dorado is a producer of large and small format paper packaging for agricultural seed, animal feed and supplements, flour, sugar and pet food applications. The Company’s manufacturing capabilities include a full-service graphics department, custom packaging design, printing and converting. El Dorado is headquartered in Rosemount, Minn., and has additional manufacturing locations in El Dorado, Ark. and Omaha, Neb. For more information, visit El Dorado’s website at www.eldoradopackaging.com.
About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with $910 million of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $30 million and $400 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com.