Griffin Holdings LLC has taken Tufco Technologies Inc. private.
Green Bay, Wisc.-based Tufco manufactures branded wet and dry wipes and packaging in the U.S.
Griffin also bought Tufco's business imaging division, Hamco Manufacturing, through the deal. Hamco, headquartered in Newton, N.C., provides ATM rolls and business forms. The deal was announced in December and closed March 10.
The buyer is a Los Angeles private equity firm that invests in companies with Ebitda between $3 million and $30 million, generally investing between $5 million and $30 million in each transaction.
In connection with the deal, Tufco entered into a senior secured credit facility for about $11 million and a revolving loan for about $18 million with JPMorgan Chase Bank NA. The loans mature Feb. 24, 2019, according to a Feb. 24 filing with the U.S. Securities and Exchange Commission.
Other recent packaging deals include the Carlyle Group's (Nasdaq: CG) purchase of Illinois Tool Works Inc.'s packaging unit in February, and the Riverside Co.'s acquisition of Be Green Packaging.
Earlier in March, Rock-Tenn Co. agreed to acquire Simpson Tacoma Kraft Co LLC, a Tacoma, Wash.-based manufacturer of bleached and unbleached kraft pulp and linerboard, for $343 million.