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Business Description:
Keyes is a leading manufacturer of specialty packaging. The company produces molded fibre packaging for shipping apples, pears, avocados, berries, eggs and other sensitive fruits and vegetables, as well as wines; specialty chemically-treated tissues for storing and preserving fresh pears; and packaging for the specialty egg market.
Reason for Sale:
Keyes was owned by a private-equity firm who decided to monetize their investment.
Management Participation:
Management participates in a substantial equity incentive program that rewards them for achieving their stated growth objectives.
Investment Success:
Since Tricor’s acquisition of Keyes, Keyes has acquired a number of competitors, including the leading North American manufacturer of plastic egg packaging. In addition, Keyes has undertaken an expansion, grown its management team and entered new product lines.
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“In partnership with Tricor, our company has completed four acquisitions and doubled in size in three years, and we have had fun doing it! The people at Tricor focus on relationships rather than transactions and exude an old-fashioned sense of integrity that defines their approach to business. Our association with them has been a true partnership in every sense of the word. The Tricor team brings expertise and resources to our company that would not otherwise be available, but affords the management team the leeway to execute on their business strategy.”
Ted C. Smith
President
Keyes Packaging Group
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