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M&A

VERITIV CORPORATION

Acquired by

CLAYTON, DUBILIER & RICE (CD&R)

UNITED STATES Chemicals & Materials EV [1b USD - 100b USD] 11/2023

Target

VERITIV CORPORATION

Acquirer

CLAYTON, DUBILIER & RICE (CD&R)

Context

Clayton, Dubilier & Rice (CD&R) has completed the acquisition of Veritiv Corporation in a public-to-private transaction. Under the terms of the agreement, CD&R acquired all outstanding shares of Veritiv common stock for $170.00 per share in cash. The strategic rationale for the acquisition is to support Veritiv’s ongoing transformation into a pure-play leader in specialty packaging distribution. By moving to a private ownership structure, Veritiv gains the financial and operational flexibility necessary to accelerate its "buy and build" strategy and invest in further supply chain optimizations. Post-transaction, Veritiv will focus on expanding its value-added services and consolidating its dominant position in the fragmented North American packaging market. Sal Abbate continues as CEO, supported by a newly appointed Board of Directors featuring veteran industrial advisors.

Target

Headquartered in Atlanta, Veritiv is a leading North American full-service provider of packaging, JanSan, and hygiene products. The company was taken private by the global investment firm Clayton, Dubilier & Rice (CD&R) in 2023. Veritiv’s investment thesis centers on consolidating the fragmented specialty packaging distribution sector to create an unparalleled design-to-delivery platform. Its business model leverages significant scale and a vast distribution network to offer integrated supply chain solutions, including custom design, global sourcing, and sustainable product alternatives. Under CD&R’s ownership, Veritiv has pursued an aggressive "buy and build" strategy, acquiring several specialty players like Vivabox and AmeriPac to enhance its value-added service capabilities. The company serves a wide range of global industries, positioning itself as a mission-critical partner for brands seeking to streamline their packaging lifecycles and improve operational sustainability.

Ent. Value

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Equity Value

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Multiples Analysis

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

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EBITDA
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2023
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2022
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Other operations with VERITIV CORPORATION

DateAcquirerTargetCountrySectorDeal Context
12/2024VERITIV CORPORATIONORORA PACKAGING SOLUTIONSUNITED STATES
Chemicals & Materials

Veritiv Operating Company has successfully completed the acquisition of Orora Packaging Solutions (OPS) from Orora Limited (ASX: ORA). This landmark transaction represents a major step in Veritiv’s consolidation strategy within the North American packaging sector. The deal allows Veritiv to integrate OPS' extensive distribution network and its nearly 3,000 employees into a unified specialty packaging platform. The strategic rationale for the acquisition is to enhance the combined entity's geographic footprint, particularly in the U.S. and Mexico, and to broaden the range of value-added solutions offered to customers with complex supply chain requirements. For the seller, Orora Limited, the divestiture allows for a strategic refocusing on its core beverage packaging business while significantly strengthening its balance sheet. The transaction was supported by a large syndicate of international lenders, underscoring the market's confidence in the combined group’s scale and synergy potential. This acquisition further solidifies Veritiv’s position as the leading specialty packaging distributor in North America.