International Paper to Acquire Central Lewmar for $185 Million
Aug. 13, 2007 - International Paper said that it has agreed to acquire paper and packaging distributor Central Lewmar LLC from private equity firm Chrysalis Capital Partners for about $185 million.
IP's distribution business, xpedx, will operate Central Lewmar as a business unit within its multiple brand strategy. xpedx is one of North America's largest business-to-business distributors.
IP expects the deal to close in the next 30 days.
About Central Lewmar
Founded in 1899, Central Lewmar is one of the largest privately held paper and packaging distributors in the United States. Serving 6,500 customers, the company has annual sales of approximately $900 million and 400,000 square feet of warehouse space. The company employs approximately 550 people at three hub centers, 22 offices, and 14 locations, including Strategic Paper Group, Whiteman Tower, Andrews Paper House of York, Buff-Pac, Central Lewmar International, Central Lewmar/MidAtlantic, Central Lewmar/Newark, Central Lewmar South, Automated Machine and Control, First State Paper, Geo. W. Millar, Marquardt & Company, McAliece Imaging Products, and eight PickQuick Papers stores.
SOURCE: International Paper