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Richards Packaging Income Fund - Q2-2017 Earnings & Price Target Update

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Richards Packaging has operated since 1912, and is a leading packaging distributor in Canada, and third largest in North America. Richards Packaging is a full-service packaging distributor targeting small- and medium-sized North American businesses. Richards Packaging serves a wide customer base that is comprised of approximately 13,300 regional food, beverage, cosmetics, specialty chemical, pharmaceutical and other companies. The primary source of revenue is from the distribution of over 5,000 different types of packaging containers and related components sourced from over 600 suppliers and its three dedicated manufacturing facilities. Sales from these manufacturing facilities represent approximately 10% of the total revenues of Richards Packaging. In addition to providing its customers with a wide range of packaging solutions, Richards Packaging provides design and development services and comprehensive logistics management through 17 sales offices and one agency location. On Oct-1-2015 they acquired Healthmark Services Ltd., a leading Canadian provider of sterile IV, chemo and oral drug packaging and dispensing systems to the health care industry, for $15.8M, subject to adjustment depending on future earnings.

Primary packaging materials used are plastics and heavier weight papers ranging up to corrugated cardboards. Revenues are approximately half in Canada and half in the US, unchanged since 2008, and approximately one-third of sales are in Toronto, Montreal and Vancouver and one-third in Los Angeles, Seattle, Reno and Portland.

Within the rigid packaging segment there are around 50 distributors providing design, manufacture and supply rigid plastic packages. Ownership concentration is low with the top five companies controlling 40% of the market. Richards is the largest packaging distributor in Canada and the third largest in North America. Other distributors consist mainly of local or regional family-owned companies that provide specialized packaging solutions.

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