Elm Creek Partners, a Dallas, TX-based private investment firm, is pleased to announce that it successfully exited its investment in Liberty Greenleaf Paper (“Liberty” or the “Company”), one of the premier manufacturers of point-of-sale and industrial packaging solutions in a sale to Iconex, the world’s leading provider of highly differentiated label solutions and low-cost paper receipts.
During Elm Creek Partners’ ownership, Liberty completed two add-on acquisitions, opened an East Coast plant and grew from a single location, regional provider of point-of-sale solutions to one of the largest in the country serving national, regional and local retailers, restaurants and distributors. Aaron Handler of Elm Creek Partners commented, “The Liberty team was extremely successful at navigating the market over the past five years, and adept at integrating the acquisitions, and driving organic growth. Over the life of the investment, they managed to more than triple revenue, grow cashflow by more than five times and expand margins, all while maintaining a wonderful culture. It was a pleasure to partner with the entire team.”
As a part of the transaction, Liberty Chief Executive Officer Michael J. Rapier, who also currently serves as the president of the Paper Receipts Converting Association, will join the Iconex team as executive vice president leading the companies’ combined paper business.
Regarding the transaction, Craig A. Gunkel, CEO of Iconex said, “The addition of Liberty Greenleaf’s paper receipt business to Iconex will allow us to provide even better service to our customers, delivering unmatched product quality, service, innovation and consistent supply.”
Mike Rapier added, “When I reflect on our history and successes as a team, I am extraordinarily proud of where Liberty Greenleaf is today as we take this step and join Iconex. Joining this great company offers us more supply security, a larger geography and diversity of product. Our workover these past decades allows us now to partner with those who are truly leading the industry. Iconex customers and coworkers will benefit from the more than 120 years of collective experience of the Liberty Greenleaf management team as we embark together on this journey toward sustained market leadership.”
About Elm Creek Partners
Elm Creek Partners focuses on lower middle market private investments in the manufacturing, business services, and healthcare markets. Initial platforms typically generate between $10-$50 million in revenue and $2-$8 million in EBITDA. Elm Creek Partners seeks to partner with talented entrepreneurs, focused on niche opportunities in evolving end markets.