Sabert Corp., a food packaging company based in Sayreville, announced Monday it has entered into an agreement to acquire LBP Manufacturing LLC.
LBP is a Chicago-based producer of environmentally progressive and sustainable food and beverage packaging. The company is known for its hot beverage solutions, such as the ‘Coffee Clutch’ hot cup sleeve and ‘Beverage on the Move’ insulated beverage to-go carrier. It has manufacturing facilities in the U.S, Poland and China.
The addition of LBP will help increase Sabert’s annual sales to over $900 million with approximately 3,000 global employees.
“Sabert’s success has always been based on our deep-rooted commitment to providing innovative and sustainable solutions to meet our customers’ needs,” Albert Salama, founder and CEO of Sabert. “LBP’s customer-centric culture and superior track record of developing performance-driven products that respond to their customers’ needs makes them a great fit to join our organization.”
JPMorgan Chase Bank N.A., Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc. and Nomura Securities International Inc. committed to financing the deal. JPMorgan Chase Bank will serve as the exclusive administrative agent for the financing. Mesirow Financial served as the financial advisor and Gibbons P.C. served as legal advisor to Sabert. Rothschild & Co and Lazard served as LBP’s financial advisors.
“Joining Sabert is a great opportunity for our customers and people,” Matt Cook, CEO of LBP, said. “Both companies have a long-standing history of combining innovation, sustainability and customer-centric product development to provide high quality solutions that meet the evolving needs of our customers. We look forward to working with the Sabert team in building an even more comprehensive packaging company with a shared mission of enhancing the way people enjoy food and beverages.”
The deal is expected to close in December.
