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Southport, CT - Carter Morse & Mathias ("CMM") is pleased to announce that its client, Better Packages Inc. ("Better Packages" or "BPI"), based in Ansonia, Connecticut, was sold to a subsidiary of Intertape Polymer Group (TSX: ITP), a leading manufacturer of packaging products and machinery. Carter Morse & Mathias served as BPI's exclusive financial advisor for the transaction, which closed on April 7, 2015.
Founded in 1917, Better Packages is a leading manufacturer of table-top water activated tape dispensers used in carton sealing. Its product line includes auto-dispensing electric machines that are used in high volume fulfillment centers, as well as manual dispensers. BPI sells its products under the Better Packages and Better Pack brands, which are among the most recognized brands worldwide in carton sealing. In the U.S., Better Packages sells through multiple channels including a distribution network of over 160 authorized distributors in the U.S. and 50 international distributors that service over 70 countries.
Intertape Polymer Group ("IPG"), with revenues of approximately $813 million in 2014, is a leading North American manufacturer of reinforced and non-reinforced water-activated tape. Headquartered in Montreal, Quebec and Sarasota, Florida, the Company employs approximately 1,900 employees with operations in 15 locations, including 10 manufacturing facilities in North America and one in Europe. Greg Yull, IPG's President and CEO commented, "Better Packages is a recognized brand in water-activated tape dispensers, and our acquisition of the brand allows IPG to position itself as the premier solutions provider to the market. The addition of Better Packages will reinforce our offering in water-activated tape solutions focused specifically on the growing electronic fulfillment channels."
Better Packages will continue to be managed by Philip White, who was the company's CEO and President since leading a management buyout of BPI in 2003. "We are excited to be joining the IPG corporate family and to embark on the next stage of BPI's growth. This transaction should represent a synergistic combination of both machine and consumable products. Bringing together two market leaders should create a powerful platform for innovation and expanding the use of water-activated tape on a global scale."
Gary Mathias, Managing Director of CMM, explained, "We began working with Better Packages three years ago, initially as a strategic advisor to prepare and position the company for an eventual sale. Phil White and the rest of the BPI team had the vision and discipline to implement a plan to upgrade all facets of the business in anticipation of an eventual sale. Execution of this plan put BPI in a great position to attract an ideal strategic buyer and maximize value for the shareholders."
Other transaction advisors included Shipman & Goodwin and Carmody Torrance Sandak & Hennessey who served as legal advisors to Better Packages and Holland & Knight who served as legal advisor to IPG.
About Carter Morse & Mathias
Founded in 1987, Carter Morse & Mathias, based in Southport, Connecticut, is a full service investment-banking boutique that provides the highest quality corporate finance advisory services to outstanding closely-held entrepreneurial and middle-market companies. CMM provides a full range of investment banking services, including sell-side advisory, raising capital, buy-side advisory, and valuation services. CMM is a charter member of AICA, an international network of M&A professionals in over 20 countries in the Americas, Europe, Asia and the Middle East. CMM's Broker/Dealer affiliate, Carter Capital Corporation, is a FINRA member firm registered with the SEC and SIPC. For more than 27 years, CMM professionals have helped hundreds of business owners to conceive, initiate, structure and close M&A and capital transactions.
