Huron Capital Partners announced today that it has recapitalized Bloomer Plastics. Huron has partnered with Bloomer’s management in a transaction that will provide capital to fund Bloomer’s national expansion plans and broaden its product development and customer service capabilities.
The Bloomer investment builds on Huron’s expertise in the specialty chemical, adhesives and films industry. This latest investment was made through The Huron Fund III, L.P., a $350 million private equity find raised in 2008.
Bloomer is a producer of engineered films for use in high performance industrial, medical and consumer end-markets. The company is based in Bloomer, WI (www.bloomerplastics.com).
“For forty-one years, we have built a highly-responsive custom films business focused on exceeding our customer needs. We are excited about our new partnership with Huron and we are confident that Huron will be a valuable partner for our employees and for our business’ pursuit of organic growth initiatives and business acquisitions. Huron Capital’s track record for partnering with lower middle market companies to grow into new markets and products while expanding service to existing customers set it apart and we are extremely excited to have Huron as our partners,” said Neil Lundgren, President and General Manager of Bloomer.
As part of this transaction, industry veteran Kevin Keneally will be added to the Bloomer team as CEO. Mr. Keneally comes to Bloomer with over 20 years’ experience in polymers, films and packaging and will focus on growing Bloomer’s business into new customers and end-markets. Both Messrs. Keneally and Lundgren will serve on Bloomer’s Board of Directors.
“Bloomer’s management team has proven its ability to deliver exceptional service to its customer base and reliably produce high quality products with short lead times,” said Huron Partner Mike Beauregard. “We are excited to partner with this team, including Kevin Keneally, and support Bloomer’s next phase of growth.”
Huron Capital Partners invests up to $70 million per transaction in middle market companies that have revenues up to $300 million and EBITDAs of $5 million or more. Typical transaction values are from $20 million to $200 million. Sectors of interest include niche manufacturing, distribution and business services. Since its founding in 1999, Huron has acquired or invested in 57 companies with aggregate revenues in excess of $1 billion. Investments have been made in the USA and Canada in a variety of areas, including print solutions & document management, education, healthcare products & services, specialty chemicals, specialty packaging, consumer products, home décor, passenger transportation services, building products, office furniture components and laboratory testing. Huron Capital currently manages over $600 million in committed equity through three private equity funds, and has offices in Detroit and Toronto (www.huroncapital.com).
