Livingstone advises on the sale of Artistic Carton to Graphic Packaging

  • aug. 2019
  • Industrial
  • M&A: Sell-Side
  • Special Situations
  • US

Livingstone’s Industrial team is pleased to announce the sale of substantially all of the assets of Artistic Carton Company (“Artistic Carton” or the “Company”) to Graphic Packaging Holding Company (“Graphic Packaging”) (NYSE: GPK). Livingstone acted as the exclusive financial advisor to Artistic Carton.

From day one, Livingstone understood our goals as a Company, developed a tailored transaction process, leveraged strong relationships with relevant acquirers, and provided expert guidance with thoughtful solutions on every occasion,” said Pete Traeger, Chief Executive Officer of Artistic Carton. “We are thrilled to transition the Company into the hands of Graphic Packaging, a long-time leader and reputable competitor in the industry.

A third-generation family-owned business founded in 1935, Artistic Carton’s commitment to innovation and customer service extends nearly 85 years. A recipient of several design awards, the Company offers a comprehensive suite of paperboard production and folding carton converting capabilities serving a diverse set of end-markets, including packaged foods, industrial aftermarket, and fashion retail.  Artistic Carton operates one coated recycled paperboard (CRB) mill located in White Pigeon, Michigan, with annual production capacity of approximately 70,000 tons, and two converting facilities located in Auburn, Indiana and Elgin, Illinois.

Mike Doss, President and Chief Executive Officer of Graphic Packaging noted, “The acquisition will drive converting end-market diversification, enhance our converting platform, and we expect will allow us to deliver significant synergies driven by paperboard integration, mill and converting manufacturing optimization, and supply chain efficiencies.”  As a global packaging leader, Graphic Packaging employs 17,000+ employees and operates 70 facilities worldwide to provide innovative packaging solutions to international end-markets, including food, beverage, household products, personal care, and pet care, amongst others.

“The Artistic Carton transaction represents another example of Livingstone’s proven track record of selling mid-market industrial companies to high-profile strategic acquirers, said Karl Freimuth, Partner at Livingstone.  “The strength and reach of our firm’s global platform and industrial sector expertise have allowed us to deliver outstanding results for our clients.  We are proud to have advised Pete and the Company on a successful transaction.

Artistic Carton is Livingstone’s 119th transaction completed since 2018 and the 39th global industrial transaction closed in the same timeframe, following the sale of global manufacturer of premium animal enclosures Mason Company, LLC to Midmark Corporation and the cross-border divestiture of global pump manufacturer Rheinhütte Pumpen to ITT Inc.

Holland & Knight LLP provided legal counsel and Miller Cooper & Co., Ltd. provided accounting services to Artistic Carton.

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