L&E

L&E Packaging was a Greensboro, North Carolina-based maker of tags and labels for the apparel industry. In 1999, the company’s largest shareholder was ready to retire and diversify, while the other managers and shareholders wanted to continue to grow the company and the value of their shares. The Stephens family led a recapitalization that accomplished all of these goals. At the suggestion of the L&E management team, the company was sold to Avery Dennison in 2002.