Frontier Packaging, a portfolio company of Gladstone, provides packaging materials to the fish processing industry across the Pacific Northwest and Alaska
Gladstone Investment has divested US company Frontier Packaging. (Credit: bertholdbrodersen from Pixabay)
Business development company Gladstone Investment has announced the divestment of its portfolio company Frontier Packaging.
Based in Tukwila, Washington, Frontier Packaging offers packaging materials to the fish processing industry across the Pacific Northwest and Alaska.
Gladstone stated that it secured repayment of its debt investment at par and realised a significant gain on its equity investment as a result of the transaction. In 2012, Gladstone acquired Frontier Packaging in partnership with management.
Frontier Packaging product portfolio consists of corrugated boxes, folding cartons and beck liners, styro and insulated packaging, gel ice, ploy bags and liners.
The company also offers roll stock films and vacuum bags, salmon and herring fillet trays, salt products and frodex, as well as bags for fish meal.
In addition, Frontier Packaging provides insulated plastic fish totes, cannery supplies, packing and shipping supplies and tray sealers.
Gladstone Investment president David Dullum said: “With our sale of Frontier Packaging and from our inception in 2005, Gladstone Investment has exited over 20 of its management supported buy-outs, generating significant net realized gains on these investments in the aggregate.
“Our strategy as a buyout fund, realising gains on equity, while also generating strong current income during the investment period from debt investments alongside our equity investments, provides meaningful value to our shareholders through stock appreciation and dividend growth.”
In December 2020, May River Capital acquired paperboard packaging products manufacturer PaperTech for an undisclosed sum.
Established in 1999, PaperTech is engaged in the manufacturing of paperboard packaging products for the customers in the frozen food industry and foodservice markets.