Nicolet Capital Partners announced today that it has completed the acquisition of InterFlex Group, a flexible packaging provider. “InterFlex’s high quality converting equipment across multiple geographies combined with its ability to adapt different coatings, barrier technologies and packaging materials make it an ideal investment platform in this segment. Growth will come from both acquisitions as well as internal investment in new equipment and technically oriented sales and marketing resources,” said Brett Snyder, President of Nicolet Capital.
InterFlex operates five manufacturing locations in the U.S. and U.K. an offers a range of flexible packaging products to consumer product customers in the poultry, meat snacks, pet food, baked goods and confectionary products markets. The company’s converting capabilities include a fleet of 8 and 10 color flexographic presses at each facility along with coating, laminating and value-added pouch and bag making. InterFlex’s revenues are well in excess of $100 million. The company is based in Wilkesboro, NC (www.interflexgroup.com).
The acquisition of InterFlex Group represents Nicolet’s third active platform investment in the Plastics, Packaging and Specialty Converting segment. Nicolet has now completed six transactions in total in this segment over the past four years. “We look forward to working with management to pursue opportunities to expand into new end markets and geographies in the U.S., U.K. and Europe. In addition, we will support InterFlex’s ongoing efforts to develop or acquire further unique converting capabilities and new packaging technologies that it will leverage across its strong customer base,” said Mr. Snyder.
Stephen Doyle, who will continue as a major shareholder and the Chief Executive Officer of InterFlex, added “Nicolet stepped up to the plate in a competitive sale process with a clear, organized proposal that was executed in a rapid and professional manner. The InterFlex management team is excited to partner with Nicolet Capital and looks forward to the financial support for the team’s acquisition and organic growth plans. InterFlex will now continue its program to target businesses and make investments that strengthens its position in its core segments and adds converting technology and manufacturing capability.”
InterFlex was advised on the transaction by Lincoln International. “Nicolet Capital Partners has significant flexible packaging industry expertise that provided for a highly efficient diligence process. In addition, Nicolet’s financing process was well organized and completed in a timely manner that accommodated the cross-border complexities of the transaction,” said Luke Webb, a Lincoln International Director.
Nicolet Capital Partners makes both majority and minority equity investments in established businesses across a range of basic industries. The firm targets equity investments of $25 million to $75 million in companies with meaningful, distinct and sustainable competitive positions. In addition to its equity capital, Nicolet Capital can provide complete, committed debt financing for its transactions. The firm is based in Chicago, IL (www.nicoletcap.com).
