Global investment manager Barings has announced its provision of second lien debt and an equity co-investment to facilitate Mill City Capital’s recapitalisation of Diversified Packaging.
Diversified Packaging, based in Blaine, Minnesota, US, provides prepress products and services for the packaging industry.
The company manufactures flexographic plates for the corrugate packaging industry and distributes prepress products, with a focus on printable plastics for printing, graphic arts, and signage companies.
Diversified Packaging operates across three brands, including Plateworks Plus, Sharper Image Engravers, and Adhue Graphic Resources.
The company’s products are integral to a variety of end-market applications, spanning sectors such as food and beverage, retail, consumer goods, and industrial industries.
Barings Global Private Finance Group managing director Steve Jarvis said: “Barings is excited to partner with Mill City Capital and their portfolio company Diversified Packaging as the sole provider of senior secured term debt for the deal.
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“Diversified Packaging is an attractive investment opportunity due to its strong customer relationships, favourable industry tailwinds, and differentiated, value-add service offerings.”
The transaction bolsters Barings’ substantial $32.78bn (assets under management as of 31 March 2024) Global Private Finance platform.
The company has a team of over 80 professionals and a 30-year history of delivering financing solutions to sponsors and attractive returns to investors.
Mill City Capital partner Zander Rutlin said: “We are grateful to have secured financing from Barings to support Diversified Packaging’s future growth initiatives and look forward to embarking on this next stage of growth.
“We believe the company is uniquely differentiated and well-positioned to continue expanding its customer relationships, product and service offerings, and geographic presence.”
