Greif, Inc., a renowned global leader in industrial packaging products and services, has announced the acquisition of Reliance Products, Ltd. ("Reliance Products" or "Reliance"), a prominent manufacturer of high-performance barrier and conventional blow-molded jerrycans, as well as small plastic containers in Canada. This all-cash transaction, valued at approximately 6.75 times proforma adjusted EBITDA, was financed through Greif's existing credit facility.

Reliance Products operates from a single facility in Winnipeg, Canada, strategically positioned to cater to the primary agriculture markets in North America. Notably, Reliance employs a unique in-mold fluorination barrier (IMF) process, offering an intriguing addition to Greif's portfolio of barrier technologies.

Ole Rosgaard, President, and CEO of Greif, emphasized the significance of this acquisition, stating, "The acquisition of Reliance is a compelling addition to our recently acquired Lee Container business, expanding our geographic reach and introducing an exciting new barrier technology to our jerrycan and small plastic container lineup. Reliance has established a robust presence in the Canadian market under the guidance of The Bodtker Group, and we aim to leverage their technical expertise to unlock further potential and drive growth."

Nils Bodtker, Chairman of The Bodtker Group of Companies, expressed appreciation for the longstanding partnership with Reliance and conveyed optimism for the company's future as it becomes part of Greif. He remarked, "We have greatly enjoyed our decade-long partnership with Reliance, and we offer our heartfelt thanks to the hard-working and dedicated members of the Reliance team. They should be very proud of all we accomplished together. While we will miss the Reliance family, we are excited for the company's future as our employees and customers join Greif, a world-class organization that we have known and respected for many years."

Reliance's financial results will be reported within Greif's Global Industrial Packaging segment. Further details regarding the acquisition and its anticipated impact on future operations will be discussed during the fiscal fourth-quarter earnings call scheduled for December 7, 2023.

Source:prnewswire.com

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