Mill Rock Packaging Partners LLC has acquired Keystone Paper & Box Co, a leading specialty packaging company that manufactures custom folding cartons for consumer and healthcare end markets. Terms of the transaction were not disclosed.
Mill Rock Packaging, formed by Mill Rock Capital in 2020, is a specialty packaging company focused on design, innovation and technology, with strong operational capabilities and unparalleled customer service. The transaction marks Mill Rock Packaging’s expansion to the Eastern U.S. and its fourth acquisition. In connection with the transaction, Keystone’s leadership team has made a significant investment in Mill Rock Packaging. Management will remain with the company.
Keystone, based in South Windsor, CT and founded in 1944, is a paperboard packaging company focused on premium, multi-SKU, design-intensive packaging solutions and related services, including product engineering, prototyping and production. The company’s core offerings span a broad range of high-performance, sustainable, customized folding cartons for food and beverages, pharmaceuticals, health and beauty and other daily-use products. The company operates a state-of-the-art production facility with substantial capacity for growth.
“I am proud of what we’ve achieved at Keystone since our founding by my grandfather,” said Jim Rutt, President, Keystone. “Through our partnership with Mill Rock Packaging, our customers will gain access to high-quality production facilities in the Midwest and West Coast. I am delighted that Mill Rock Packaging shares our commitment to quality, integrity and service, and I look forward to future growth leveraging our combined resources.”
Keystone marks the platform’s initial expansion to the East Coast and will integrate with Mill Rock Packaging’s other operations in the West and Midwest. The combined company will operate six production facilities offering sustainable paperboard packaging to an attractive range of daily needs-driven consumer markets.
Allen Ennis, CEO, Mill Rock Packaging, stated, “We welcome the customers, suppliers and associates of Keystone to Mill Rock Packaging. We look forward to accelerating growth across the platform with Keystone as our flagship East Coast production and service center, supported by continued investment into its team and capabilities.”
“This is a highly strategic transaction that enables us to serve our customers from coast to coast, fulfilling Mill Rock’s initial vision to create a national consumer packaging powerhouse,” added Bob Feeser, Mill Rock Packaging Vice Chairman and Mill Rock Capital Senior Partner. “We are excited to work with the Keystone team to advance our vision of a unified, national, specialty packaging growth platform.”