International Paper's xpedx Business Completes Acquisition of Central Lewmar, A Leading U.S. Paper & Packaging Distributor
Press release from the issuing company
MEMPHIS, Tenn., Aug. 24 -- International Paper has completed the acquisition of Central Lewmar LLC, one of the largest privately held paper and packaging distributors in the United States, from Philadelphia-based private equity firm Chrysalis Capital Partners, Inc. On August 13, the company announced it had signed an agreement to acquire Central Lewmar for approximately $185 million.
International Paper'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.
The acquisition supports the xpedx strategy to strengthen its distribution business in North America, and will further enhance the company's position in the distribution solutions market. xpedx and Central Lewmar remain dedicated to delivering top quality products, excellent services and superior distribution solutions to their customers.
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. For more information, please visit www.centrallewmar.com.
About Chrysalis Capital Partners
Philadelphia-based Chrysalis Capital Partners, Inc. is a private equity firm focused on investments in a wide range of industries and circumstances throughout the United States. For more information, visit www.ccpfund.com.
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