Astara Capital Partners Fuels Growth with Garlock and C-P Flexible Packaging Merger

Astara Capital Partners' Strategic Investment

Astara Capital Partners, a prominent player in the middle-market private equity space, has announced a remarkable strategic initiative by facilitating a merger between Garlock Flexibles and C-P Flexible Packaging. This significant development marks the culmination of Astara's vision to enhance its portfolio in the flexible packaging domain, providing a robust platform for future growth.

In October 2025, the combination of Garlock and C-P created one of the top 15 flexible packaging manufacturers in North America, underscoring Astara's ability to drive major transformations within its investments. With this merger, the newly formed entity operates from 10 strategically located manufacturing sites across the United States and Canada, solidifying its operational footprint.

Historical Context and Vision

Astara first invested in Garlock Flexibles back in 2021, transforming this business from a non-core subsidiary of a family-run company into a thriving, standalone firm. This evolution has not only facilitated Garlock's growth in the food and produce packaging sector but has also laid a strong foundation for diversification and scalability. The successful merger with C-P is viewed as a natural progression in Astara's overarching strategy, highlighting their adeptness in executing complex transactions while offering returns to investors.

Michael Ranson, Managing Partner at Astara, expressed gratitude towards their investors, stating that their support was crucial for the successful acquisition of C-P. He noted, "Their confidence in our approach has enabled us to provide liquidity to some investors while simultaneously fortifying our flexible packaging platform with long-term growth potential."

Expanding Capabilities for the Future

The combined strengths of Garlock and C-P allow for an expanded array of capabilities, including high-graphics flexographic printing, various lamination techniques, and advanced clean-room production processes. The merger positions them well to cater to an evolving customer base that increasingly values sustainable packaging solutions. The newly formed company is advancing its efforts in recyclable and compostable packaging formats, addressing the market's growing demand for environmentally responsible products.

In alignment with their aggressive growth trajectory, Garlock/C-P has earmarked over $20 million for capital investments in 2026. This investment focus will encompass preventative maintenance, new manufacturing equipment, and upgraded IT analytics capabilities. Lindsey Tannenbaum, an Astara Partner, conveyed the optimism surrounding the merger, stating that this new entity is better equipped to serve North American customers with enhanced service quality and responsiveness.

Astara's commitment to transforming Garlock into a leading manufacturer within the sector is visually demonstrated through the merger with C-P. The collaborative efforts of both teams are focused not only on seamless integration but also on maintaining a strong emphasis on service quality during this transitional phase.

Rob Groberg, another Astara Partner, praised the progress made by Garlock since the initial investment, thanking the team for their diligent and effective leadership throughout the merger process. This culmination of leadership, discipline, and a commitment to excellence speaks volumes about their ambition to create a best-in-class organization.

Support Structure and Advisors

The merger transaction was supported by a robust advisory structure. BMO Capital Markets acted as the financial advisor, while M2O Private Fund Advisors functioned as the placement agent. Legal counsel for this merger was provided by Proskauer Rose LLP for Garlock, with Greenhill Co. serving as the exclusive financial advisor for C-P along with Dechert LLP for legal counsel.

Astara Capital Partners continues to play a pivotal role in driving value across various sectors, including packaging and manufacturing. With their wealth of expertise, they are firmly positioned to navigate the complexities of middle-market investments while building sustainable value. More details about their activities can be found on Astara Capital's website.