Arbor Investments (“Arbor”), a specialized private equity firm that focuses exclusively on investing in food, beverage and related industries announced today the sale of Keyes Packaging Group ("Keyes" or the "Company") to Tekni-Plex. Founded in 1903 and headquartered in Wenatchee, WA, Keyes is a leading provider of environmentally friendly molded fiber packaging and protective wrap tissue for the food and beverage industry. Terms of the sale were not disclosed.
Acquired in 2013 as an Arbor Fund III portfolio company, Keyes is The Original Green Company™, an SQF certified molded fiber packaging manufacturer servicing prominent brands and retailers across the fruit, vegetable, egg, and wine industries.
Under Arbor’s ownership, Keyes undertook sizable capital projects investing in equipment and infrastructure to increase capacity and efficiencies. The increased capacity enabled the Company to expand into new markets and sell to new customers, diversifying the business across the western United States and beyond.
“We’re proud of the transformational initiatives we executed together,” stated Arbor Partner Alan Weed. “Keyes has distinguished itself as the leader in molded fiber packaging and has tremendous momentum, driven by consumers demand for more sustainable packaging solutions from brands and retailers. This transaction is a natural fit with Tekni-Plex and both companies will surely benefit from the combination.”
Keyes President Kevin Stangeland and senior leadership of the Company will continue in their operating roles with the transition in ownership.
“Keyes benefited from an outstanding partnership with Arbor over the last eight years,” commented Stangeland. “I want to thank Arbor for their full support in creating the leading molded fiber packaging platform for food and beverage customers. We look forward to building on our success as a part of the Tekni-Plex family.”
Jefferies acted as financial advisor to Arbor on the transaction and Kirkland & Ellis LLP served as Arbor's legal counsel.