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March 16, 2007
Kranson Holdings, Inc. (dba TricorBraun) Acquires Independent Packaging Incorporated

Chicago – Code Hennessy & Simmons LLC (“CHS”) announced that Kranson Holdings, Inc. (dba “TricorBraun”) acquired Independent Packaging Incorporated (“I-PAK”), a rigid packaging distributor based in Quincy, Massachusetts. TricorBraun is a portfolio investment of CHS Private Equity V LP, a $1.3 billion investment fund formed in 2005.

Founded in 1969, I-PAK distributes a broad range of plastic, glass and metal containers as well as a variety of closures. The company supplies rigid packaging to numerous end-markets including food, chemical, paint, pharmaceutical and industrial. For additional information about I-PAK, please refer to the company’s website at

Gil Sullivan, founder and former Chief Executive Officer of I-PAK, said, “We are excited about the extensive options and resources that will be available to our customers and personnel as we join the TricorBraun team.”

Founded in 1902, TricorBraun is the leading full-service distributor of outsourced rigid packaging solutions in North America. TricorBraun provides a wide assortment of more than 32,000 rigid packaging containers and related components as well as comprehensive package design, engineering and development services, global sourcing and logistics management. Headquartered in St. Louis, Missouri, TricorBraun leverages the capabilities of a global network of over 600 suppliers to meet the unique packaging requirements of a diversified base of 6,500 customers. The company serves a variety of end-markets including personal care, healthcare, food, wine and household and industrial chemicals. For additional information about TricorBraun, please refer to the company’s website at

The acquisition of I-PAK expands and diversifies TricorBraun’s business base in the New England market. I-PAK will become a part of TricorBraun and have immediate access to the company’s broad and flexible resources including:

• Industry-leading global sourcing
• Superior logistics management
• Over 3,500 TricorBraun molds
• Proprietary packaging database featuring more than 32,000 items
• 3 full-service design and engineering studios
• Strong operations and organizational structure providing value for customers
  and suppliers

Keith J. Strope, President and Chief Executive Officer of TricorBraun, said, “We are very pleased to welcome I-PAK to the TricorBraun family. Together, we are committed to providing our customers with a comprehensive array of rigid packaging options engineered to deliver success.”

CHS is a Chicago-based private equity firm specializing in private equity investments and recapitalizations of middle market companies in partnership with management. CHS has formed five private equity funds and currently manages over $2.5 billion of capital. For additional information about CHS, please refer to the firm’s website at