MRP SOLUTIONS ANNOUNCES NEW CAPITAL INFUSION TO SUPPORT GROWTH

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Jun 07, 2024, 17:30 ET

Transaction will provide MRP with enhanced liquidity to capitalize on ongoing market recovery and operational initiatives to drive growth

LAKE FOREST, Ill., June 7, 2024 /PRNewswire/ -- Valcour Packaging, LLC, dba MRP Solutions ("MRP" or the "Company"), today announced that it reached an agreement with a majority of its first lien and second lien lenders for a comprehensive transaction that includes new debt financing and an exchange of existing debt. The transaction will reduce the Company's interest burden and enhance liquidity. All existing first lien and second lien lenders will be offered the opportunity to participate in the transaction.

Drawing on more than 70 years of manufacturing experience, MRP Solutions has established itself as a longstanding provider of customizable packaging solutions used by millions of consumers around the world. With over 10,000 SKUs produced annually, the Company specializes in child resistant, continuous thread and dispensing closures, as well as jars for a variety of end-markets with a focus on health and wellness segments. MRP distinguishes itself with its broad and customizable product offering, a large IP library from its history of innovation, short lead times, and a focus on post-consumer recyclable solutions.

"The transaction enables MRP to strengthen its balance sheet and provides liquidity to capitalize on growth initiatives while delivering sustainable packaging solutions to our valued customers and continuing to build upon our long-term relationships with our supply partners," said Jim Fitzgerald, CEO, and Bruce Manning, CFO, of MRP. "We would like to thank everyone involved in the transaction for their continued support and partnership as we rebound from customer inventory destocking headwinds and pursue the next phase of MRP's growth."

Evercore Group LLC served as exclusive financial advisor, and Kirkland & Ellis LLP served as exclusive legal advisor to the Company. Perella Weinberg Partners LP served as exclusive financial advisor, and Davis Polk & Wardell LLP served as exclusive legal advisor to the first lien ad hoc group of lenders.

About MRP Solutions
MRP Solutions provides rigid plastic packaging components used by millions of consumers while serving a diverse set of end-markets. Delivering packaging with purpose, MRP products can be found on many national and private label brands in markets including health and wellness, pharmaceuticals and nutraceuticals, personal and home care, as well as specialty food like spices and sauces. The Company has a library of 900+ tools used to support a product offering of nearly 13,000 SKUs and the ability to create a meaningfully higher count of variations. With a product line comprising child-resistant closures, continuous thread caps, dispensing closures, and jars, MRP Solutions specializes in flexible and efficient operations for small- to medium-sized customers with short-run production needs. MRP serves its customers through three production facilities in North America, and is headquartered in Lake Forest, IL. For more information, please visit www.mrpsolutions.com.

Media Contact:
Dawn Nowicki
[email protected]

SOURCE MRP Solutions