Exopack LLC, an affiliate company of Sun Capital Partners, Inc., a leading private investment firm located in Boca Raton, Florida, today announced the completed purchase of certain retail natural cheese and fresh red meat performance plastic packaging business assets from Bemis Company.
This purchase includes operating facilities in Menasha, WI and Catoosa (Tulsa), OK and encompasses industry recognized brands such as Halo®, ClearShield® and Maraflex®.
The transaction closed with regulatory approval and was completed for a cash price of $82 million. The divested business recorded 2009 net sales of approximately $156 million.
Headquartered in Spartanburg, SC, Exopack is a full–service plastic and paper flexible packaging solutions manufacturer that specializes in substrate development, film extrusion, printing, lamination, and converting of flexible packaging products. In addition, their coatings division is known for its advanced film coating technologies. Products manufactured by Exopack include: microwave packaging, printed collation shrink films, laminated FFS materials, specialty bags and pouches, heavy duty shipping sacks, medical components and optical and electronic films.
Jack Knott, Chairman and Chief Executive Officer of Exopack, stated, “This purchase will enhance Exopack’s barrier extrusion and lamination capabilities, and truly rounds out our retail packaging portfolio. These facilities, in combination with our existing plants and network of global alliance partners, will allow us to better serve our diverse multinational customer base with value added products. We intend to accelerate the introduction of new product innovations and packaging technologies to meet customer needs and pursue emerging global market opportunities.”
“Our recent launch of the CEDEX joint venture in Lebanon, in conjunction with this acquisition, allows Exopack customers to choose from a diverse range of extruded plastic products to meet their dynamic packaging needs.”
According to Tom Vale, Exopack Chief Operating Officer, “This business unit will be led by Marty Dominique. Marty’s knowledge of the operation and the customer base will be tremendous assets as we work together to identify opportunities for growth across our business. Marty will report to me as General Manager, Exopack Cheese and Meat (ECM).”