Multi-Color Corporation, headquartered in Cincinnati, OH, USA, has agreed to sell Quick Pak, its Packaging Services Division, to NFI Industries Inc., of Vineland, NJ, USA. Quick Pak provides high volume promotional, packaging, custom assembly, and turnkey project management for major health and beauty brands, consumer product manufacturers and national retailers. Quick Pak employs about 100 associates at its manufacturing facility in Sharonville, OH.
The transaction is expected to close in early July. In connection with the transaction, Multi-Color and NFI will enter into a joint marketing agreement which allows for the cross-selling of the parties’ products and services.
“We thank our associates at Quick Pak for their years of dedication to Multi-Color, their commitment to excellence and their exceptional award winning service to our customers,” says Frank Gerace, president of Multi-Color. “We are pleased to have reached an agreement with a highly regarded company like NFI Industries, which will continue to build the Quick Pak business.” The sale, he adds, allows Multi-Color to focus on its core label business, “where many strategic opportunities exist, including emerging print technologies and domestic and international acquisitions. In fact, we are presently in the process of reviewing and analyzing several targets. As a result of our recent $100 million Revolving Loan Agreement and the proceeds from the sale of Quick Pak, we are positioned to acquire significant assets to continue to build a global label company for the fast-moving consumer goods marketplace.”
Joe Roeder, president of NFI says, “NFI Industries does not anticipate significant changes in Quick Pak’s operations. We are very eager to introduce NFI Industries to our new associates at Quick Pak, and are excited to tell them about the potential of the combined businesses.”
BMO Capital Markets acted as exclusive financial advisor to Multi-Color in the transaction.