Truce Capital Advisors Leads the Sale of King Bag & Manufacturing Co. to Gravis
Press Release
Truce Capital Advisors (“Truce”) – A leading independent M&A advisory firm, is pleased to announce the sale of King Bag & Manufacturing Co. (“King Bag”) to Gravis, a portfolio company of New Water Capital. King Bag has built a remarkable legacy serving industrial and aviation customers with engineered sewn and protective products, including jet engine covers, EPS storage bags, and other specialized solutions. Founded in Cincinnati, Ohio with a history dating back over 130 years, the Company has been proudly serving its global client base since 1895.
Truce Capital Advisors acted as the exclusive sell-side advisor to King Bag on the transaction. The transaction was led by Ryan Berning, Director and Ely Friedman, Founder & Managing Director. The financial terms of the deal were not disclosed.
Ron Kirsch Jr., CEO of King Bag, said, “Throughout the process, Truce served as a true extension of our team. From start to finish, their strategic guidance and commitment helped us achieve an outcome we are incredibly excited about.”
"King Bag extends our platform into higher-value flexible protective applications and brings deep expertise in engineered protective and industrial sewn products," said Vishal Rao, CEO of Gravis. “We are excited to welcome the King Bag team to Gravis and continue building upon their long history of serving customers with quality and innovation."
Truce Capital Advisors provided merger and acquisition advisory services to King Bag, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale.
About Truce Capital Advisors
Truce Capital Advisors is a leading, fully independent investment bank offering a full spectrum of advisory services to business owners. At Truce, we are experts in advising on any potential change of ownership, specifically: i) selling privately-owned or family-owned businesses, ii) assisting buyers in executing their acquisition growth strategies, and iii) providing strategic advisory services. Transaction execution is the hallmark of our firm – we are known for our execution excellence, shareholder education, and rigorous strategic approach for each client and each situation.
About King Bag & Manufacturing Co.
King Bag has built a remarkable legacy serving industrial and aviation customers with engineered sewn and protective products, including jet engine covers, EPS storage bags, and other specialized solutions. Founded in Cincinnati, Ohio with a history dating back over 130 years, the Company has been proudly serving its global client base since 1895. For more information about King Bag, please visit www.kingbag.com.
About Gravis
Gravis is a leading provider of bulk transportation packaging solutions in North America, offering products such as flexible intermediate bulk containers (FIBCs), bulk liners, pallets and other engineered packaging materials. Gravis partners with customers to design and supply optimal bulk packaging solutions for the food & beverage, agriculture, chemicals, pharmaceutical and materials industries. For more information, please visit www.gravisglobal.com.
About New Water Capital
New Water Capital L.P. is a private equity firm focused on partnering with lower-middle market, industrial manufacturing and related supply chain businesses with revenues of $30 million to $300 million. New Water Capital’s collaborative transaction and operating model is built specifically to support companies in transition by partnering with management teams and founders to build on the unique cultures and strengths of their respective businesses. For more information, please visit www.newwatercap.com.
