Packaging Acquisitions in 2020

Wynnchurch Capital has acquired Huntington Foam, a manufacturer of engineered EPS, EPP and ARCEL foam products headquartered in Greer, South Carolina. Huntington will be combined with Wynnchurch portfolio company Drew Foam Companies to create a unified foam-platform serving appliance, cold-chain, automotive and building products end markets.

Kelso Fund X (Kelso & Company) completed a majority investment in Inmark, a global distributor and designer of rigid container and life sciences packaging, on December 23, 2020. Inmark management and employees retained significant ownership and the investment is positioned to support the company's packaging and regulatory-compliance training capabilities across North America, Europe and Asia.

Investment funds managed by Morgan Stanley Capital Partners completed an investment in Advanced Web Technologies Holding Company (AWT Labels & Packaging/Citation Healthcare Labels) from Mason Wells. AWT, headquartered in Minneapolis with ~300 employees and three U.S. facilities, is a manufacturer of labels and flexible packaging serving healthcare, food & beverage, personal care and industrial end markets; MSCP intends to support organic growth, capability and geographic expansion, and acquisitions.

Novolex has acquired the business of B&H Bag Company and will integrate it into its Novolex Duro Bag operations to increase production capacity and strengthen customer service. B&H, a family-owned paper bag manufacturer with a plant in Brookshire (near Houston), Texas, supplies the foodservice and grocery markets; Novolex is PE-backed by The Carlyle Group.

Wynnchurch Capital acquired Huntington Solutions (also referred to as Huntington Foam), a custom-engineered foam and shape-molded packaging provider headquartered in Greer, South Carolina, from Mill Point Capital. The deal (terms not disclosed) is part of Wynnchurch’s consolidation of foam/packaging assets (including Drew Foam) to build a larger foam-packaging platform and expand capabilities in cold-chain and protective packaging.

A.P. Møller Holding A/S has signed an agreement to acquire Faerch A/S, a pan‑European leader in sustainable food packaging, from funds managed by Advent International for approximately EUR 1.9 billion. The deal, subject to competition approvals and completion of Faerch's recently announced Sirap acquisition, will support Faerch's expansion of recycling capacity and accelerate its circular packaging strategy.

Resource Label Group, a PE-backed label and packaging manufacturer, has acquired Seattle-based Labels West to expand its footprint in the Pacific Northwest. Resource Label — a portfolio company of First Atlantic Capital and TPG Growth — will integrate Labels West’s flexographic and digital printing, shrink sleeve and RFID/NFC capabilities to broaden service offerings for customers in wine & spirits, health & beauty and food/nutraceutical markets.

Fortis Solutions Group LLC, a portfolio company of Main Post Partners, has acquired Kala Packaging LLC, a printer of pressure-sensitive labels and flexible packaging based in Orem, Utah. Kala serves the food & beverage, health & beauty, and nutraceutical end-markets; the deal is an add-on to Fortis's platform as it continues to expand its product offerings and geographic footprint.

May River Capital, a Chicago-based private equity firm, has acquired PaperTech, a Findlay, Ohio manufacturer of sustainable, dual-ovenable paperboard trays and bowls serving the frozen food and foodservice markets. PaperTech has nearly 200 employees and produces over 500 million trays annually; founder Larry Epstein will retire (remaining a shareholder) while co-founder Al Fotheringham will remain as a shareholder and continue as Chief Development Officer.

ACON Investments has acquired Novipax, the U.S. market leader in absorbent pads for fresh meat and poultry packaging, from Atlas Holdings. The transaction transfers Novipax's absorbent pad manufacturing facilities and headquarters in Oak Brook, Illinois, to ACON, while the tray business is excluded from the sale and will operate separately as NPX ONE.

ProAmpac, a Cincinnati-based flexible packaging company owned by Pritzker Private Capital, acquired Canadian private packaging manufacturers Rosenbloom Groupe Inc., Hymopack Ltd. and Dyne-A-Pak. The acquisitions expand ProAmpac’s manufacturing capabilities and product offerings for grocery, retail and quick service restaurant customers while enhancing its presence in Canada.

PPC Flexible Packaging LLC, a Buffalo Grove, Illinois-based flexible packaging manufacturer, has acquired Custom Poly Bag, Inc., a family-owned flexible packaging converter based in Alliance, Ohio. The deal expands PPC's manufacturing footprint and capabilities in film extrusion, printing and bag operations, and is the latest add-on in PPC's multi-year acquisition strategy.

SupplyOne, the largest independent packaging company and a portfolio company of Wellspring Capital Management, acquired Riverside Paper Co., Inc., a family-owned Florida-based manufacturer and distributor of packaging and shipping products. The deal expands SupplyOne’s manufacturing and distribution footprint in Florida (Miami/Tampa/Orlando); financial terms were not disclosed.

Altium Packaging has acquired the assets of SFB Plastics, Inc., a Wichita, Kansas-based HDPE blow molder and industrial container manufacturer with nearly 50 years of history. The acquisition adds blow-molding capacity and experienced employees to Altium’s North American packaging network and expands its industrial container capabilities.

American Box & Recycling, a portfolio company of Main Line Equity Partners, has acquired Back2Earth, a U.S. manufacturer and supplier of recycled cardboard animal bedding. The deal creates a new sustainable products line for American Box (the Back2Earth brand) and leverages American Box's supply of once-used cardboard to expand its sustainable packaging and reuse offerings.

Olympus Partners has led a growth equity investment in Footprint International Holdco, Inc., a Gilbert, Arizona–based materials science company that makes plant-based, sustainable packaging for major packaged food producers, grocery retailers and QSRs. The capital will support Footprint’s expansion of manufacturing capacity and operations in North America and Europe to meet growing customer demand for recyclable, plant-based packaging alternatives.

Resource Label Group, a portfolio company of First Atlantic Capital and TPG Growth, has acquired Dallas-based McDowell Packaging & Advertising Co., Inc. (McDowell Label) to strengthen Resource Label's presence in the U.S. Southwest. McDowell Label will continue serving consumer brand customers across premium beverage, cosmetics/personal care, nutraceutical, food, pet care and automotive markets, adding complementary label, shrink sleeve and RFID/NFC capabilities to the platform.

Revolution, a Little Rock-based manufacturer of sustainable plastic solutions, acquired Polar Plastics Corporation from Spell Capital Partners to expand its production footprint and deepen penetration into packaging, agriculture and retail end markets. Polar Plastics is headquartered in St. Paul, Minnesota and operates a 100,000-square-foot polyethylene film and bag manufacturing facility; Spell Capital had owned the business since 2018.

Brook & Whittle, a Snow Phipps-backed label and packaging platform, has partnered with (acquired) Tri Print, a Huntington Beach, California provider of turnkey pressure-sensitive labels, shrink sleeves and flexible packaging. The deal is an add-on to Brook & Whittle's West Coast expansion, enhancing its sustainable labeling and packaging capabilities and extending service coverage for personal care, health & beauty and nutraceutical brands.

Western Shield Label Company acquired The Label Smith, a Pasadena, Texas-based flexographic and digital label printer, with the transaction closing on October 15, 2020. The purchase expands Western Shield's footprint and capacity in Texas and the broader Southwest, adding The Label Smith's digital capabilities and customer base serving food, beverage and consumer-packaged-goods markets.

Sole Source Capital LLC, an industrial-focused lower-middle market private equity firm, has acquired Dallas Plastics, a Mesquite, Texas-based manufacturer of blown polyethylene film serving medical, food and industrial end markets. The transaction (terms not disclosed) names Kevin Pierce as CEO while founder Dennis Pierce remains as senior advisor; Sole Source said it will invest in technology, add capacity and pursue M&A to accelerate growth in the flexible packaging space.

Brook & Whittle Holding Corp., a Snow Phipps-backed label manufacturer, signed definitive agreements to acquire Innovative Labeling Solutions, Inc. (ILS) and Wizard Labels LLC as add-ons to its platform. The founders of ILS and Wizard Labels (Jay Dollries, Steve Wolf and Steve Smith) will remain involved and become shareholders; the deals are expected to close within 30 days and aim to expand Brook & Whittle’s digital and online label capabilities across food & beverage, personal care and nutraceutical end markets.

GenNx360 Capital Partners has acquired B2B Industrial Packaging LLC and the assets of American Machinery Works, Inc. (AMW Packaging Supply), partnering with the management teams to combine the businesses and expand a national industrial packaging platform. The deal folds AMW’s Southwest and Florida operations into the combined B2B Industrial operations to broaden product, service and geographic coverage.

AWT Labels & Packaging, a Morgan Stanley Capital Partners-backed platform, has acquired MacArthur Corporation, a custom-engineered labels and specialty packaging manufacturer based in Grand Blanc, Michigan. The acquisition expands AWT’s engineering, manufacturing and product capabilities—adding serialized barcoding, RFID, anti-counterfeit, anti-tamper and anti-microbial solutions—and MacArthur will continue to operate under its existing name.

Atar Capital has completed the acquisition of WinCup from funds managed by BlackRock, Inc. Headquartered in Georgia, WinCup operates eight manufacturing facilities and employs nearly 1,000 people producing traditional and biodegradable foodservice packaging (including its Phade and Vio brands). Atar appointed a new leadership team and said the acquisition expands its platform into sustainable foodservice packaging to support growth and capability expansion.

Mill Rock Capital formed a new platform, Mill Rock Packaging Partners LLC, and its charter acquisition was Trojan Lithograph Corporation, acquired from Arbor Investments. The private-equity-backed platform will accelerate TrojanLitho’s organic growth, expand operating capacity and pursue strategic add-on acquisitions in the specialty packaging market; terms were not disclosed.

Palladin Consumer Retail Partners announced a growth investment in Decowraps, partnering with founder and CEO Steven Tchira to provide capital and operational support to expand the floral packaging platform. Deerpath Capital Management provided debt financing and an acquisition/revolving credit facility to support future growth and potential add-on acquisitions.

All4Labels Global Packaging Group, a Triton Fund V portfolio company, acquired GPS Label and Rotomet (including the Roll-Fed activities of the GPS Group) and integrated them as a fully owned subsidiary (rebranded GPS-Rotomet). The founders, Daniele Grotto and Andrea Cerisara, became shareholders in All4Labels and remain in management; the transaction strengthens All4Labels' position in the shrink sleeve and roll-fed label segments.

Larson Packaging Company (LPC) has acquired First Class Packaging (FCP), Inc., a custom industrial packaging manufacturer based in El Cajon, California, as part of a planned ownership transition enabling founder Sandy Brock's retirement. FCP's team will remain in place and operate under Larson Packaging Holdings, expanding LPC's capabilities in custom crating, Pelican case inserts and fabricated foam assemblies and improving service coverage across California and its existing markets.

Cadman Capital Group, via its portfolio company Backs Enterprises, has acquired Norpol Packaging and sister company Burbridge Packaging in the United Kingdom. The deal expands Cadman/Backs’ footprint in the packaging and printing sector, adding manufacturing capabilities that serve FMCG and other consumer brands across the UK and Europe.

Tenex Capital Management recapitalized and merged Consolidated Label and Online Labels in a transaction completed July 15, 2020, partnering with founders Joel and Dave Carmany who remain in operational leadership. Northstar Capital provided subordinated debt and an equity co-investment to support the recapitalization; the combined company is headquartered in Sanford, Florida and sells custom printed and blank labels and flexible packaging to both enterprise and direct-to-consumer customers.

ProMach has acquired Modern Packaging, a Deer Park, New York-based manufacturer of cup and tray filling, sealing and lid-converting equipment for the food and dairy industries. Modern (founded 1989, with over 100 employees) will join ProMach’s Filling Business Line, with its founders remaining in leadership roles as ProMach invests to grow Modern’s capabilities and global reach.

Foam Fabricators, a Compass Diversified Holdings-backed packaging platform, has acquired substantially all of the assets of Massachusetts-based Polyfoam Corp., expanding Foam Fabricators' protective and temperature-sensitive packaging capabilities and geographic footprint. The deal adds Polyfoam's cold-chain and injection-molded plastic capabilities and enables cross-selling to national customers while Foam Fabricators also announced a partnership with Rational Packaging and commercialization of a biodegradable EPS product.

Southern Champion Tray (SCT), a Chattanooga-based paperboard packaging manufacturer, acquired substantially all assets of Honeymoon Paper Products, Inc. of Fairfield, Ohio effective June 29, 2020. The acquisition adds a Fairfield manufacturing facility, corrugated-circle/pad and take-out packaging capabilities, and expanded printing technology to SCT’s bakery and food-service packaging portfolio.

Tosca has agreed to acquire Contraload NV, a Belgium-based leader in reusable plastic pallet pooling, expanding Tosca's first-mile capabilities and European footprint. Funds advised by Apax Partners, which acquired Tosca in 2017, committed additional capital to support the transaction; terms were not disclosed.

Brook & Whittle Holdings, majority-owned by private equity firm Snow Phipps Group, has acquired Label Impressions, Inc., a label and flexible-packaging manufacturer based in Orange, California. The add-on expands Brook & Whittle’s West Coast footprint and adds new manufacturing capabilities (sachets, pouches, security labels, smart/augmented reality packaging) while keeping Label Impressions’ owner Jeff Salisbury involved as a shareholder and member of the team.

Portage Plastics Corporation has acquired Paradise Plastics, the thermoforming and plastic products division of Paradise, Inc., in a transaction announced June 15, 2020. The sale — advised by Hyde Park Capital — transfers Paradise Plastics’ thin- and heavy-gauge thermoforming and tool-making capabilities to Portage Plastics to expand its manufacturing and design services.

Fulcrum Capital Partners completed a strategic growth investment in Belvika Trade & Packaging, a Mississauga-based contract packaging provider serving confectionery and snack food CPG customers. Belvika will continue to be run by its existing management team and will partner with Fulcrum to accelerate growth and expand its industry-leading position; the investment is Fulcrum's eleventh platform investment from Private Equity Fund V.

Brown Machine Group (BMG), a portfolio company of Industrial Growth Partners (IGP), acquired the robotics capabilities and related assets of automation equipment supplier aXatronics on May 30, 2020. The asset acquisition brings robotic automation, mechatronics and end-of-arm tooling expertise into BMG’s thermoforming and packaging equipment platform to enable fully integrated turnkey packaging automation solutions.

Brook & Whittle Holdings, a PE-backed North American label manufacturer (majority owned by Snow Phipps Group), acquired a label converting facility in Croydon, Pennsylvania (formerly Gilbreth Packaging Solutions) to expand its shrink sleeve label capabilities. The add-on strengthens Brook & Whittle's capacity for high-end shrink sleeve and pressure sensitive film labels, supporting consumer and healthcare customers across North America.

Main Street Capital Corporation provided $31.8 million in a combination of first‑lien senior secured term debt and a minority direct equity investment to Classic H&G Holdings, LLC to facilitate a minority recapitalization and provide growth capital and liquidity. The investment, made alongside an unnamed co‑investor and in partnership with the company's existing owner and senior management, also includes a credit facility to support Classic's future growth initiatives and working capital needs.

Longacre Group has made an investment in Prowrap Limited, a UK producer of foil, film, baking paper and dispensing solutions that serves professional hair salons, foodservice and retail customers. The investment is intended to back the existing Prowrap management team and support growth, brand development and operational initiatives.

ProMach has acquired Pharmaworks, a Florida-based provider of blister packaging and thermoforming machinery, expanding ProMach's pharmaceutical packaging capabilities and integrated solutions. Pharmaworks’ team of over 100 employees and its lineup of blister packaging systems, inspection, and aftermarket services will join ProMach’s pharma business line to broaden its product offering and support for pharmaceutical, consumer goods, and contract packaging customers.

LUX Global Label, a Resilience Capital Partners-backed label manufacturer, has acquired Labelworx, a Levittown, Pennsylvania-based digital label and packaging specialist. The add-on expands LUX Global Label's digital printing capabilities (including pressure-sensitive labels, shrink sleeves and flexible packaging), diversifies its end markets and adds a U.S. production facility to its portfolio.

Argand Partners has acquired Midwest Can Company and Container Specialties, Inc., a Franklin Park, Illinois-based manufacturer of portable fuel containers and custom blow-molded plastic containers. Argand plans to partner with management to accelerate new product development and expand geographic penetration; the transaction was supported by a loan facility from Benefit Street Partners and represents a purchase from GenNx360 Capital Partners.

Liquibox, a portfolio company of Olympus Partners, has completed the acquisition of DS Smith plc's Plastics Division. The deal consolidates DS Smith's flexible packaging and Worldwide Dispensers businesses into the Liquibox brand while splitting the rigid plastics businesses into three independently operated units (Corplex, DW Reusables and Engineered Foam Products), creating a combined footprint of 35 manufacturing facilities and nearly 3,000 employees.

Atlantic Corporation (Atlantic Packaging) acquired Coastal Corrugated, a 35-year-old family-owned corrugated box and custom protective packaging manufacturer in North Charleston, South Carolina. The deal expands Atlantic's converted-products and corrugated manufacturing capabilities and strengthens its service offering to automotive manufacturers and tier-one suppliers in the Southeast.

AptarGroup, Inc. has entered into a binding agreement to acquire Fusion Packaging I, L.P. (FusionPKG), a Dallas-based provider of turnkey airless and color cosmetics packaging solutions. The acquisition strengthens Aptar's Beauty + Home segment by adding fast-beauty design, formulation and concept-to-launch capabilities and is expected to be accretive to segment margins.

Resource Label Group, a PE-backed packaging platform, has acquired Los Angeles-area Axiom Label & Packaging to broaden its California presence and expand product offerings. Axiom, based in Compton, CA, provides pressure-sensitive labels, shrink sleeves and flexible packaging solutions for food, beverage, nutraceutical, personal care and health & beauty customers.

Highlander Partners has sold Akomex Group to co-founder Sebastian Śliwa together with the company's management, with financing support from AMC Capital IV (advised by Mezzanine Management). Akomex, a Poland-headquartered packaging manufacturer with operations in Poland and Denmark producing over 1.8 billion items per year, was owned by Highlander since 2010 and was divested following a period of capacity expansion and add-on acquisitions.