Arbor Investments Announces Sale of Trojan Lithograph to Mill Rock Capital

Aug. 25, 2020

Arbor Investments (“Arbor”), a specialized private equity firm that focuses exclusively on investing in food, beverage and related industries announced today the sale of Fund III portfolio company Trojan Lithograph ("Trojan" or the "Company") to Mill Rock Capital. Founded in 1950 and headquartered in Renton, WA, Trojan is a specialized designer and manufacturer of high-end folding cartons and single-face laminate packaging for blue-chip and emerging brands in the food, beverage and consumer industries. Terms of the sale were not disclosed.

After acquiring Trojan in 2014, Arbor successfully ran the firm's longstanding and proven playbook of bolstering senior management and undertaking sizable capital projects to expand capabilities, increase capacity and enhance efficiencies. A deliberate strategic shift to prioritize the food and beverage industries helped diversify and expand Trojan's customer mix into highly attractive end-markets, while extending the Company's geographic reach to the broader Western United States. The evolution of the business resulted in robust growth during Arbor's ownership.

"We're proud of the transformational initiatives and wide-ranging operational enhancements we executed with this investment," said Arbor Vice President Josh Schoenfelder. "Now with enviable state-of-the-art operations, Trojan has emerged as the preeminent market leader of scale for high-end, graphic packaging solutions in the Pacific Northwest."

Trojan President Ian May and senior leadership of the Company will continue in their operating roles with the transition in ownership.

"We enjoyed an outstanding partnership with Arbor," commented May. "Their steadfast strategic support, resources and capital investments were instrumental in driving our growth, and positioning us well to meet our evolving customer needs with highly differentiated, impactful, and eye-catching packaging."

Jefferies acted as financial advisor to Arbor on the transaction and Kirkland & Ellis LLP served as Arbor's legal counsel.