Keystone is a paperboard packaging firm with a focus on premium, multi-SKU, design-intensive packaging solutions and related services like product engineering, prototyping and production
Mill Rock Packaging has acquired Keystone Paper & Box Company. (Credit: Kelli McClintock on Unsplash)
Mill Rock Packaging Partners, a portfolio company of Mill Rock Capital, has acquired specialty packaging company Keystone Paper & Box Company.
The deal’s financial details were not divulged.
South Windsor, Connecticut-based Keystone designs and manufactures custom folding cartons for consumer and healthcare end markets.
The deal, which is New York-based Mill Rock Packaging’s fourth acquisition, will expand its presence to the Eastern US.
As part of the deal, Keystone’s leadership team has made an undisclosed amount of investment in Mill Rock Packaging. The company’s management will remain on board.
Founded in 1944, Keystone Paper & Box Company focuses on premium, multi-SKU, design-intensive packaging solutions and related services such as product engineering, prototyping and production.
The company’s key products include a wide selection of high-performance, environmentally friendly, personalised folding cartons for food and drink, medications, cosmetics, and other everyday items.
The business runs an advanced production facility with significant capacity for future expansion.
Keystone president Jim Rutt said: “I am very proud of what we’ve achieved at Keystone since our founding by my grandfather. Through our partnership with Mill Rock Packaging, our customers will gain access to high-quality production facilities in the Midwest and West Coast.
“I am delighted that Mill Rock Packaging shares our commitment to quality, integrity and service, and I look forward to future growth leveraging our combined resources.”
As agreed, Keystone will integrate with Mill Rock Packaging’s other West and Midwest-based and Midwest-based operations.
The combined firm will run six production facilities and provide sustainable paperboard packaging to a variety of consumer segments.
Mill Rock Packaging chief executive officer Allen Ennis said: “We welcome the customers, suppliers and associates of Keystone to Mill Rock Packaging.
“We look forward to accelerating growth across the platform with Keystone as our flagship East Coast production and service centre, supported by continued investment into its team and capabilities.”
In February 2021, Mill Rock acquired US-based speciality paper packaging company All Packaging.