SEE to Acquire Liquibox

*Combination of Cryovac and Liquibox to accelerate the growth of sustainable packaging solutions for the $3 Trillion Fluids & Liquids industry
*Highly strategic transaction powers SEE’s vision to become a world-class, digitally-driven company automating sustainable packaging solutions
*Liquibox is a global leader in Bag-in-Box solutions and engineered fitments and dispensers
*Liquibox estimated full year 2022 revenue and Adj. EBITDA of $362M and $85M, respectively
*Anticipated cost synergies of $30M annually to be implemented before the end of year three (3) post-closing
*Liquibox expected to grow at 6-8% CAGR, and once combined with Cryovac Fluids & Liquids business, to grow at double digit rates benefiting from the complementary solutions portfolio, technologies and operations
*Combination unites two aligned, high-performance growth and innovation cultures
*Purchase price of $1.15 Billion on a cash-free debt-free basis represents an estimated EV/Adj. EBITDA multiple of 13.5x and a multiple of 10x after factoring in only cost synergies
*Transaction accretive to Adj. Earnings per Share (exclusive of purchase accounting) by the second quarter after close
*Post-transaction net-debt leverage of approximately 3.5x Adj. EBITDA expected to be rapidly reduced within 12 to 18 months through strong pro-forma free cash flow generation

SEE (NYSE: SEE) today announced that it has signed a definitive agreement to acquire Liquibox, a pioneer, innovator and manufacturer of Bag-in-Box sustainable Fluids & Liquids packaging and dispensing solutions for fresh food, beverage, consumer goods and industrial end-markets.

This acquisition is highly complementary to Cryovac Fluids & Liquids business, the fastest growing area for SEE. Fluids & Liquids flexible packaging solutions are a $7 Billion addressable potential revenue opportunity with an attractive projected annual growth rate of approximately 6%.

“This is an exciting day for SEE. Liquibox is a highly strategic acquisition to fuel growth and earnings power in our SEE Operating Engine,” Said Ted Doheny, SEE President and CEO. “We look forward to welcoming Liquibox’s talented team. Both of our cultures strive for world-class performance and place strong emphasis on talent, sustainability, innovation and operational excellence.”

Founded in 1961, Liquibox is headquartered in Richmond, Va., employs more than 1,300 people and operates across 18 locations globally. The company estimates 2022 full year revenue of $362M. Its Bag-in-Box business is comprised of fountain beverage syrup, milkshake mix, dairy, coffee, water, wine, liquid foods and industrial applications. The company recently launched the award-winning Bag-in-Box Liquipure® that is recycle-ready and aims to replace metallic laminated bags, and Liquibox Orbiter®, a fully automatic, six-head rotary filler that increases productivity for high volume operations.
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