BURLINGTON, ON, Aug. 28, 2015 /CNW/ - On August 30, 2015, Cancapleo Group Inc. of Burlington, Ontario, is proud to recognize the 30th anniversary of the leveraged management buyout of Mardon Packaging. This significant milestone commemorates a transaction that was then the single largest leveraged management buyout ever to be completed in the world outside of the United States. As a result of this buyout, the multinational Lawson Mardon Group was formed.
On August 30, 1985, the packaging and printing assets of BAT Industries PLC of the United Kingdom were acquired by the North American and United Kingdom management teams in a $1.3 billion (by revenue) purchase that was led by Lawrence Tapp (CEO) and Ralph Steedman (CFO), senior executives of Canadian based Lawson & Jones LTD and over 110 managers from both sides of the Atlantic.
Within two years of purchase, and after substantial reorganization of the business and reduction of bank debt under the guidance of Ralph Steedman, Lawson Mardon Group became public in the first triple tranche IPO in Canadian history, with simultaneous listing on the Toronto, London and American stock exchanges. The $245 million IPO was substantial, even by current standards.
The newly formed Lawson Mardon Group included approximately 35 companies with 65 locations and 8,000 employees on 3 continents in a variety of packaging and printing businesses. The management team was advised on the transaction by Merrill Lynch Canada with debt funding provided by The Bank of Nova Scotia, Citi Bank Canada and Citi Bank NA. Colonel Tom Lawson, honorary chairman of Lawson & Jones, and Stephen Roman, CEO of Roman Corporation, were significant partners in the buyout.
Cancapleo Group Inc. is proud to acknowledge and commemorate this significant historical milestone in Canadian business and finance.
SOURCE Cancapleo Group Inc.
For further information: Media Contact: Allyson Semeniuk, Cancapleo Group Inc., 905.630.7027