Evolution CBS helps Greif achieve a great package through a UK acquisition

Evolution helps Greif achieve a great package! Greif UK is a subsidiary of Greif Inc. a $3.6bn US global provider of industrial packaging and storage solutions in various materials for a wide range of industries.

The UK company deals predominantly in steel packaging, mostly drums and pails, which are manufactured in Ellesmere Port and Burton-on-Trent. Re-conditioning is an important element of Greif’s business. At the time its re-conditioning services were provided through a subsidiary company that had a UK facility in the South West.

This proposed acquisition was a key part of Greif’s strategy to become the market leader in re-conditioned drums and IBCs (Intermediate Bulk Containers) in the UK.

The Transaction Greif UK Limited had identified a company that it wanted to acquire – Ken Rooms (Hull) Limited.

This company was a supplier to Greif and there was a good working relationship between both parties. However, the two parties could not agree a deal as, not unusually, there was a difference between what Greif wanted to pay and what the target company was prepared to sell it for.

In fact a 3-fold difference in the price gap had led to a stalemate in negotiations. There was a gulf in culture between an American corporate and a small family business in the UK. A real David and Goliath situation. As experienced independent valuers, Evolution was engaged to undertake a full analysis and valuation of the target business and the markets it served.

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