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Richards Packaging Income Fund - Q3-2020 Earnings, Price Target Update

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Richards Packaging Income Fund (RPI.UN) has operated since 1912, and is a leading packaging distributor in Canada, and third largest in North America in moulded plastics packaging segment. Richards Packaging serves a wide customer base comprising 17,000 regional food, beverage, cosmetic, healthcare and other enterprises. The primary source of revenue is from the distribution of over 8,000 different types of packaging components and healthcare supplies and products sourced from over 900 suppliers and its four dedicated manufacturing facilities. Sales from these manufacturing facilities represent approximately 5% of the total revenues. Total assets of $329.6M include the acquisition on May-31-2020 of Clarion Medical Technologies Inc. for a leading Canadian distributor of medical aesthetic, vision care and surgical equipment and consumables was acquired for $64.4M. The fund owns 85% of Richards Packaging Inc. with the balance retained by management and former owners. Revenue from operations is approximately half in Canada and half in the United States.

There are about 50 companies operating in this segment in North America. About half of Richard's sales are for moulded rigid or flexible plastic with the balance to corrugated paper. Richards is one of the largest distributors of European and Asian glass for the specialty food and beverage markets. They are also a leading supplier of sterile IV, chemo and oral drug packaging and dispensing systems health care service providers in Canada. By sector, 47% of customers are in food and beverage, 29% in cosmetics, and 24% in healthcare. Approximately 40% of sales are concentrated in Los Angeles, Reno and Portland and 40% in Toronto, Montreal, Winnipeg and Vancouver.

Clarion Acquisition

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