“From the very beginning, Jake and the Calder Capital team took the time to understand our business, our priorities, and our hopes for Pilgrim’s future. Their guidance, market knowledge, and ability to connect us with the perfect buyer were invaluable. The entire Calder team made what could have been a stressful process feel organized, transparent, and seamless from start to finish.”
– Anne Wilkinson, Co-Owner, Pilgrim Packaging, Huntley, IL (Seller)
“Jake and the Calder team were fantastic partners throughout this process. They kept everyone aligned and made sure momentum never slowed. They provided a steady stream of information, and their balanced approach gave us confidence every step of the way, providing us with all the information needed to close Pilgrim Packaging promptly.”
– Dan Nibe, President and CEO, LBS, Des Moines, Iowa (Buyer)
Calder Capital is pleased to announce the successful sale of Pilgrim Packaging of Huntley, Illinois, to LBS of Des Moines, Iowa.
Founded in 1987, Pilgrim Packaging is a long-established supplier of specialty converted materials serving the floral and related industries. Its products include floral arrangement vase holders, delivery trays and boxes, flower and corsage boxes and bags, serving both wholesale and e-commerce channels. After years of streamlining company operations, Co-Owners Anne and Mike Wilkinson chose to sell to spend more time with their grandchildren. The Wilkinsons engaged Calder Capital’s sell-side team to identify the right buyer to continue the Company’s legacy and growth trajectory.
LBS, a 100% employee-owned company founded in 1921, is a one-stop shop for the bookbinding and luxury packaging industries, offering cover materials, board products, adhesives, and more. The acquisition of Pilgrim Packaging allows LBS to further expand its capabilities and service new markets by integrating Pilgrim’s expertise and strong industry relationships into its family of companies.
“We’re excited to see Pilgrim’s legacy continue in the hands of a company that shares our passion for serving customers and our respect for the people who make it all possible,” shared Mike Wilkinson. “The 100% employee-owned structure at LBS, along with its commitment to quality, made us confident that our team will be valued, empowered, and given the opportunity to grow.”
Dan Nibe, President and CEO of LBS, stated, “We are thrilled to welcome Pilgrim Packaging into the LBS family of companies. Pilgrim’s reputation for ease of doing business, quality products, and dedicated customer care makes them a natural fit for us. Together, we’re in a great position to support a broader range of needs across industries without losing the personalized service that defines both of our organizations.”
Jake McDonald of Calder Capital served as the Lead Mergers & Acquisitions Advisor to Pilgrim Packaging. Calder’s Riley Hagen served as the Lead Analyst.
Pilgrim Packaging’s sale process includes the CIM being sent to 231 parties, with 17 offers received, and a timeline of just six months and a day from execution of the Engagement Agreement. The timeline from LOI to close was short of 10 weeks.
“From the very beginning, Jake and the Calder Capital team took the time to understand our business, our priorities, and our hopes for Pilgrim’s future,” shared Anne Wilkinson. “Their guidance, market knowledge, and ability to connect us with the perfect buyer were invaluable. The entire Calder team made what could have been a stressful process feel organized, transparent, and seamless from start to finish.”
Nibe stated, “Jake and the Calder team were fantastic partners throughout this process. They kept everyone aligned and made sure momentum never slowed. They provided a steady stream of information, and their balanced approach gave us confidence every step of the way, providing us with all the information needed to close Pilgrim Packaging promptly.”
“Congratulations to Anne, Mike, and the LBS team on this exciting milestone,” noted Jake. “Pilgrim is a natural complement to LBS as this partnership brings together two like-minded organizations. I look forward to seeing their continued success in the years ahead!”
Max Friar, Calder’s Managing Partner, added, “Our team’s experience in the packaging and distribution sectors, combined with our proven sell-side advisory process, ensures that business owners achieve maximum value. For Pilgrim Packaging, we were able to vet 17 serious buyers and their various offers. Whether in the Chicago area or anywhere nationwide, Calder Capital continues to be a trusted partner for owners who are seeking an ethical, honest, and well-run process when selling their business.”
Calder Capital served as the Exclusive Sell-Side Mergers and Acquisitions Advisor to Pilgrim Packaging. The sellers were also represented by Nathan Russell of Rhoades McKee and Mike Young of EHTC.
About Pilgrim Packaging:
Pilgrim Packaging is a long-established supplier of specialty converted materials, serving the floral and related industries with products such as floral arrangement vase holders, delivery trays and boxes, flower and corsage boxes and bags. The company is located in Huntley, Illinois, and is recognized for its fast turnaround times and customer-first approach. Learn more at www.PilgrimPackaging.com.
About LBS:
Since 1921, LBS has been serving all facets of the book, publishing, and luxury packaging industries. Imagination, experience, responsiveness, and unparalleled product knowledge are the foundation of LBS, a 100% employee-owned company. Through this acquisition, LBS now operates through three companies: LBS, Archival Products, and Pilgrim Packaging. To learn more, please visit https://www.LBSBind.com.
About Calder Capital:
Founded in 2013, Calder Capital is a cross-industry mergers and acquisitions advisory firm with offices across the United States. Calder provides valuation, sell-side, and buy-side services. We are nationally recognized for excellence in advising $1-100M enterprise value transactions in manufacturing, construction, distribution, and business services. Calder serves business owners, entrepreneurs, family offices, financial buyers, and investors. Learn more at www.CalderGR.com.
