The DAK Group announced that it has completed the sale of New Jersey based Universal Folding Box, a portfolio company of Palm Beach Capital Partners, to Standard Folding Cartons, Inc., a subsidiary of The Standard Group. Terms of the transaction were not disclosed.

Standard Folding Cartons is one of North America's largest independent converters of folding cartons. Standard is a family owned and operated business with over 70 years of experience in paperboard packaging. Steven Levkoff, Standard's president, believes that the acquisition of Universal represents an excellent opportunity to improve his company's position in the consolidating packaging industry. "The Standard Group, with its plants in Jackson Heights, New York and Louisville, Kentucky, welcomes the acquisition of Universal Folding Box. Standard's heritage as a fourth generation leading independent folding carton converter will be enhanced by the century long tradition of service and quality that emanates from the Universal name and from its people. We look forward to this marriage creating an improved resource for our customers and our employees."

The DAK Group initiated this transaction and acted as financial advisor to Palm Beach Capital Partners. Alan J. Scharfstein, president of DAK, stated, "The rapid change we have witnessed in the packaging industry created compelling synergies between the two companies. This transaction represents an opportunity for Standard to leverage its capabilities along with those of Universal to create a more efficient and competitive packaging supplier."