Mill Rock Capital Forms Specialty Packaging Growth Platform, Acquires Trojan Lithograph

26 August 2020

Mill Rock Capital, a growth and operations oriented private investment firm, announced today that it has created a new platform, Mill Rock Packaging Partners LLC, to invest in growth oriented companies with advanced service and product capabilities in the specialty packaging industry.

Mill Rock simultaneously announced that Mill Rock Packaging Partners has acquired Trojan Lithograph Corporation ("TrojanLitho") from Arbor Investments. TrojanLitho is a leading, value-added provider of graphic paper packaging solutions to various consumer end markets. Terms of the TrojanLitho acquisition were not disclosed.

Mill Rock Packaging Partners is led by Chairman and Mill Rock Senior Partner Ed Rose and a senior leadership team including its board of directors:

  • Dr. Robert Beckler, formerly President, Packaging Solutions of WestRock
  • Robert Feeser, formerly President, Consumer Packaging of WestRock
  • Charles Obermeyer, formerly SVP Global Operations – Folding at WestRock
  • Alexander Zalesky, formerly General Manager of Amcor Latin America
  • Mill Rock Senior Principals Diane Parisi and Eric Popham

"Together our team brings more than 200 years of global experience across every commercial and operational facet of the consumer packaging industry. We are excited about the future growth of the platform," said Mr. Rose.

"TrojanLitho is an ideal foundation upon which to build a full-service packaging platform, with a complete spectrum of design, engineering and fulfillment solutions, and production capabilities spanning single-face laminate and folding carton," stated Dr. Robert Beckler.

TrojanLitho, based in Renton, WA and founded in 1950, is Mill Rock Packaging Partners' charter acquisition. The company is a leading, full-service provider of high-end, graphic paper packaging to blue chip and emerging brands in food and beverage, personal care, healthcare and other consumer end markets. TrojanLitho offers a full suite of design-intensive, sustainable packaging solutions. The company's differentiated "end-to-end" service offering includes program development, design and engineering, pre-press and on-press, finishing and logistics.

"The company is on an impressive trajectory, having cultivated an attractive customer base underpinned by consumers' daily needs. Going forward we will seek to accelerate organic growth, meaningfully expand operating capacity and support President and CEO Ian May and his accomplished team in completing strategic acquisitions in this highly fragmented market," added Mr. Rose.

"This is an exciting development for our customers, suppliers and many dedicated associates, as we continue to execute our strategic growth plan and expand production and fulfillment capabilities," said Mr. May. "With strategic resources, operational insights and robust capital support from Mill Rock Capital, we look forward to continuing to deliver quality, sustainable packaging solutions to our many valued customers."

Deloitte Corporate Finance LLC, Alvarez & Marsal Transaction Advisory Group, Lake Partners Strategy Consultants and White & Case LLP advised Mill Rock Capital on the transaction. BMO Sponsor Finance and PGIM Private Capital provided debt financing. The transaction is Mill Rock Capital's fourth platform investment since inception. Jefferies LLC acted as financial advisor to Arbor on the transaction and Kirkland & Ellis LLP served as Arbor's legal counsel.


Founded in 1950 and based in Renton, WA, TrojanLitho is one of the largest converters of specialty paper packaging in the Pacific Northwest. The company provides high-end, graphic packaging to the food and beverage, personal care, health and beauty and other consumer end markets. Driven by its history of continuous innovation and unparalleled customer service, TrojanLitho offers a diverse suite of premium, sustainable paper packaging, including single-face litho laminate, folding carton, retail ready and more. The company's differentiated "end-to-end" service offering includes program development, design and engineering, pre-press, finishing and logistics, as well as the flexibility to handle both short and long production runs. These capabilities help blue chip and emerging brands stand out in the marketplace, meet complex retailer specifications, manage SKU volatility, increase speed to market, reduce costs and minimize environmental impact. For more information, please visit


Great Mill Rock LLC dba Mill Rock Capital is a growth and operations oriented private investment firm that invests in well-positioned middle market industrial businesses in North America. Founded by Christopher Whalen and Adi Pekmezovic, Mill Rock Capital is purpose-built to invest in family-owned businesses, owner-operators and founder-led companies across six industry verticals. Focus sectors include chemicals, materials and packaging; industrial distribution; services; metals and engineered materials; transportation and logistics; and specialty manufacturing. This strategy leverages the deep expertise of the firm's principals, a majority of whom have direct operating experience in these same industries. Mill Rock Capital supports business transformation through a dual-sourcing strategy encompassing majority equity and Activ Capital® – debt, senior equity or hybrid investments which provide business owners value-added financial partnership without relinquishing a controlling stake. For more information, please visit

Lambert & Co.
Caroline Luz
Jennifer Hurson

Mill Rock Capital and Mill Rock Packaging Partners
Ed Rose
212-763-7740 ext. 703
Diane Parisi
212-763-7740 ext. 708
Eric Popham
212-763-7740 ext. 707