Greif to acquire Lee Container for $300M

Greif announced it has entered into a definitive agreement to acquire Lee Container, a manufacturer of high-performance barrier and conventional blow molded containers, for a purchase price of $300M before taking into consideration tax benefits with an estimated net present value of approximately $30M. The all-cash transaction will be funded through Greif’s existing credit facility and is expected to close by the end of the calendar year, subject to customary closing conditions, including regulatory clearances. For the trailing twelve months ended September 30, Lee generated sales of $162M and adjusted EBITDA of $33M. Additionally, as part of the acquisition Greif expects to realize approximately $6M in synergies within the first two years of ownership.