P&M Corporate Finance (PMCF) is pleased to announce that it served as the exclusive financial advisor to C+N Packaging, Inc. (C+N), of Wyandanch, NY in its successful sale to publicly traded PSB Industries (EPA: PSB, PSB), of Annecy, France. PSB is an innovation-driven industrial group with leadership positions in packaging and specialty chemicals. The group reported consolidated revenues of €257 million in 2013 including over 60% from international sales. PSB has production plants in France, the United States, Japan and Mexico.
C+N (www.cnpkg.com) is a renowned global plastic packaging manufacturer for prestigious beauty customers including Avon, Estée Lauder, and Elizabeth Arden. The Company services its customers via multiple plants in North America (two in the United States and one in Mexico) and in Europe via a facility in Poland. C+N’s international capabilities include mold making, injection molding, assembly, decorating, and metallization. C+N has been providing service and value to its customers for more than two decades.
PSB intends to leverage C+N’s complementary strengths; combining forces with its beauty packaging business TEXEN (groupetexen.fr) in order to: enrich its client portfolio, strengthen its position in North America, reinforce its presence in the fragrance market segment, and increase its offering to customers through added surface treatment capabilities.
Chris Young, C+N Packaging’s former majority shareholder for the past 24 years, stated: “I am very excited for our employees and most importantly our customers who will both directly benefit from our combination with an industry leader. The C+N Packaging team and facilities will continue to serve customers, as part of PSB Industries.”
C+N selected John Hart and PMCF’s Plastics & Packaging Group to serve as financial advisor for the transaction. Young noted, “John and his team were instrumental in the success of this transaction. They were very involved from the beginning and helped us navigate every step of this critical transaction which had a number of complexities due to our locations in three different countries. They are also experts in the packaging industry which made their hands on approach even more effective. I would highly recommend them to any packaging company considering a potential transaction.”
Moritt Hock & Hamroff LLP acted as lead counsel to the Sellers in connection with the transaction.
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