International Paper's xpedx Business Completes Acquisition of Central Lewmar
Memphis, Tennessee, USA, 24 August 2007 -- /PRNewswire/ -- International Paper (NYSE: IP) has completed the acquisition of Central Lewmar LLC, one of the largest privately held paper and packaging distributors in the United States, from Philadelphia-based private equity firm Chrysalis Capital Partners, Inc. On 13 August, the company announced it had signed an agreement to acquire Central Lewmar for approximately USD 185 million.
International Paper's distribution business, xpedx, will operate Central Lewmar as a business unit within its multiple brand strategy. xpedx is one of North America's largest business-to-business distributors.
The acquisition supports the xpedx strategy to strengthen its distribution business in North America, and will further enhance the company's position in the distribution solutions market. xpedx and Central Lewmar remain dedicated to delivering top quality products, excellent services, and superior distribution solutions to their customers.
About Central Lewmar
Founded in 1899, Central Lewmar is one of the largest privately held paper and packaging distributors in the United States. Serving 6500 customers, the company has annual sales of approximately USD 900 million and 400,000 square feet of warehouse space. The company employs approximately 550 people at three hub centers, 22 offices, and 14 locations, including Strategic Paper Group, Whiteman Tower, Andrews Paper House of York, Buff-Pac, Central Lewmar International, Central Lewmar/MidAtlantic, Central Lewmar/Newark, Central Lewmar South, Automated Machine and Control, First State Paper, Geo. W. Millar, Marquardt & Company, McAliece Imaging Products, and eight PickQuick Papers stores. For more information, visit www.centrallewmar.com.
About Chrysalis Capital Partners
Philadelphia-based Chrysalis Capital Partners, Inc. is a private equity firm focused on investments in a wide range of industries and circumstances throughout the United States. For more information, visit www.ccpfund.com.
xpedx is North America's largest marketer and distributor of printing papers and graphics supplies and equipment. It is also a major distributor of packaging supplies and equipment and janitorial-sanitary supplies and equipment. Customers include commercial printers, publishers, manufacturers, retailers, facility managers, and companies across many industry segments served from more than 240 xpedx locations. Revenues for xpedx in 2006 exceeded USD 6.7 billion.
xpedx also provides third-party logistics services for companies worldwide through xpedx Supply Chain Services, Tampa, Florida. Other xpedx owned-and- operated businesses include New York-based Bulkley Dunton; Lenexa, Kansas-based xpedx Printing Technologies; Loveland, Ohio-based Saalfeld Redistribution; Cleveland, Ohio-based xpedx National Technology Center, as well as a network of more than 140 retail paper and graphics stores across North America. xpedx has a large business-to-business e-commerce hub at xpedx.com. For more information, visit xpedx.com.
About International Paper
International Paper (NYSE: IP), founded in 1898, is a global uncoated paper and packaging company with primary markets and manufacturing operations in North America, Europe, Russia, Latin America, North Africa, and Asia. Its uncoated papers and packaging businesses are complemented by xpedx, North America's largest distributor of printing papers and graphics supplies and equipment. Headquartered in the United States, International Paper employs approximately 54,000 people in more than 20 countries, and serves customers worldwide. Annual sales are about USD 22 billion. International Paper partners with customers and environmental, academic, civic, and governmental organizations, as well as landowners and harvesting professionals, to encourage responsible forest stewardship, improve the health and productivity of forestlands, and increase recovery of our recyclable products. The company has a long-standing policy of using no wood from endangered forests. To learn more about International Paper, its products and commitment to economic, social, and environmental sustainability, visit www.internationalpaper.com.
Source: International Paper