Winnipeg blow molder Reliance Products bought by Greif
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Reliance makes barrier and conventional blow molded jerry cans and other containers for the agricultural, chemical, and consumer water markets from its single-site operation.
In a move that adds to its blow molding capabilities, packaging supplier Greif Inc. has acquired Reliance Products Ltd., a Winnipeg-based producer of barrier and conventional blow molded jerrycans and small plastic containers.
The financial terms of the all-cash deal have not been reported, but in an Oct. 2 news release Greif officials said the transaction “reflects approximately 6.75x proforma adjusted EBITDA [earnings before interest, taxes, depreciation and amortization].”
Operating out a single site in Winnipeg, Reliance makes barrier and conventional blow molded jerry cans and other containers for the agricultural, chemical and consumer water markets. The company was sold to Greif by its previous owner, Calgary-based Bodtker Group of Companies Ltd.
Going forward, the results of operations for Reliance will be reported within the Greif Global Industrial Packaging segment.
“The acquisition of Reliance is a compelling bolt-on to our recently acquired Lee Container business and adds geographic breadth and an exciting new barrier technology to our jerrycan and small plastic container offering,” Greif CEO Ole Rosgaard said in the release. “Reliance has built a strong business serving the Canadian market under the guidance of the Bodtker Group, and we intend to build on their technical expertise to unlock even more potential and growth.”