Diamond Packaging Announces Ownership Restructuring
Jan 03, 2013 - Recent News
Rochester, NY – Diamond Packaging today announced that Karla Fichter acquired her sister Kirsten Werner’s share of the company in a transaction finalized on December 27, 2012. The transaction maintains the Company’s status as a certified woman-owned business and streamlines the Company’s leadership structure.
Working with its existing principal lender, M&T Bank, and Ironwood Capital, a private equity firm based in Avon, CT, the Company was able to finance the buyout of Werner. The financing package utilized an increase in its senior debt from M&T, a preferred equity investment of less than 20%, and subordinated debt from Ironwood.
Fichter assumes the positions of Chairperson of the Board and President, in addition to her current role of Chief Executive Officer with the transaction. “We are delighted to have completed this transaction before year end. I would like to thank our employees for their diligence, effort and focus on the business during the months of effort it took to overcome many complicated issues and to complete the acquisition,” said Fichter. “With our streamlined leadership structure we are looking forward to getting back to what we do best, developing and producing innovative and sustainable packaging solutions for our customers.”
About Diamond Packaging
Founded in 1911, Diamond Packaging is a WBENC-certified woman-owned business specializing in developing innovative and sustainable packaging solutions. Utilizing state of-the-art technologies, Diamond designs and manufactures paperboard and plastic folding cartons, and provides comprehensive contract packaging services for the personal care (cosmetics & skin care, fragrance, hair care), health care, pharmaceutical, nutraceutical, and food and confectionery industries. Its client portfolio includes Bausch & Lomb, Beiersdorf, Coty, Elizabeth Arden, Estée Lauder, Godiva Chocolatier, Johnson & Johnson, L’Oreal, and Procter & Gamble. As part of the Global Packaging Alliance® (GPA), Diamond and its alliance members offer packaging solutions to companies operating on an international scale. Customers receive responsive, localized service, award-winning creative designs, identical product specifications and consistent brand recognition, resulting in unparalleled worldwide packaging support. For more information about Diamond Packaging, contact Dennis Bacchetta at (585) 334-8030 x229 or visit the website at www.diamondpackaging.com. For more information about Diamond’s greenbox initiative, visit the sustainability microsite at www.diamondpackaging.com/green.