• Garlock Flexibles and C-P Flexible Packaging ("Garlock/C-P") combined in October 2025, creating one of the Top 15 players in flexible packaging
• Astara Capital Fund I led a continuation vehicle for Garlock Flexibles and the simultaneous acquisition of CP Flexible Packaging with support from leading co-investors
• Astara initially invested in Garlock Flexibles in 2021

NEW YORK, March 11, 2026 /PRNewswire/ -- Astara Capital Partners, LLC ("Astara"), a middle-market private equity firm, today announced that the firm led a continuation vehicle for Garlock Flexibles ("Garlock"), and the simultaneous merger of C-P Flexible Packaging ("C-P") in October 2025. The combination created one of the Top 15 flexible packaging manufacturers in North America, with 10 manufacturing locations strategically positioned across the United States and Canada. Garlock/C-P is headquartered in York, Pennsylvania.

Astara acquired Garlock in 2021, transforming it from a non-core subsidiary of a family-owned business into a standalone company with a leading position in food and produce packaging. The formation of Garlock/C-P represented a natural progression in that strategy and demonstrated Astara's ability to execute complicated transactions while returning capital to investors.

Michael Ranson, Managing Partner of Astara, said, "We are grateful to our investors for their support and partnership, which made the C-P transaction possible. Their confidence in our strategy has enabled us to simultaneously provide liquidity to certain investors while building a stronger, more diversified, and scalable flexible packaging platform with significant long-term growth potential."

A Scaled Platform Positioned for Growth
Garlock/C-P's platform offers expanded capabilities in high-graphics flexographic printing, adhesive and extrusion lamination, cold seal applications, laser perforation and scoring, clean-room production, and stand-up pouch and bag converting. The company continues to advance recyclable and compostable flexible packaging formats and sustainable material solutions to support customers' evolving environmental commitments. Garlock/C-P plans to make more than $20 million in capital investments in 2026. This includes preventative maintenance programs, new manufacturing equipment, modernization of select production assets, and continued investment in IT, data infrastructure, and analytics capabilities.

Lindsey Tannenbaum, Partner at Astara commented, "The formation of Garlock/C-P has created a leading flexible packaging manufacturer with the scale, capabilities, and innovation engine to better serve customers across North America. The integration is off to a great start: the team has made significant progress across key functional areas while maintaining disciplined focus on seamless service, quality, and responsiveness for customers throughout the transition."

Rob Groberg, Partner at Astara added, "We are extremely proud of the progress Garlock has made since we partnered with the company in 2021. Thank you to Greg Powell and the entire Garlock team for their exceptional work. Executing the combination with C-P is a testament to their leadership, discipline, and commitment to building a best-in-class organization."

BMO Capital Markets served as financial advisor, M2O Private Fund Advisors served as placement agent, and Proskauer Rose LLP served as legal counsel to Garlock on the merger transaction. Greenhill & Co., a Mizuho affiliate, served as exclusive financial advisor and Dechert LLP served as legal counsel to C-P.

About Astara Capital Partners
Astara Capital Partners is an integrated team of investors and operators focused on the middle market. The firm provides capital, strategic guidance, and operational support to help build sustainable value across its portfolio. Astara invests in sectors where it has deep expertise, including building products, home services, food, packaging, manufacturing, and distribution. More information is available at www.astaracapital.com.

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SOURCE Astara Capital Partners