Charter Oak Equity and Peninsula Capital Partners have acquired a controlling interest in Seaboard Folding Box Company LLC.

Fitchburg, Massachusetts-based Seaboard makes paperboard boxes for the specialty food, pharmacy and hardware markets. Third-generation owner Allen Rabinow will continue to manage the company and maintain an ownership position.

The investment should help Seaboard expand through strategic acquisitions that will expand the company’s geographic presence. Terms of the deal were not disclosed. The deal was announced Aug. 6.

Westport, Connecticut-based Charter Oak is a private equity firm that invests in manufacturing, packaging, medical products and services, specialty chemicals and consumer products companies that are valued at up to $200 million.

Peninsula, headquartered in Michigan, is a private equity firm that invests in businesses with between $10 million and $100 million in revenue. The company also provides subordinated debt.

In addition to its investment, Peninsula provided the mezzanine debt for the deal. Fifth Third Bank provided senior debt.

Other recent packaging acquisitions include O2 Investment Partners LLC and Midwest Mezzanine Funds acquisition of a stake in Packaging Concepts & Design Inc. in July, and Bain Capital’s acquisition of Envision Plastics and Ecoplast Corp. For more on packaging, see “Lenders Show Love for Packaging.” 

For more on transactions in the lower middle market, see “Small Deal Sweet Spot” and watch “Prospect Sees Potential in Smaller Segments.”

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