Sealed Air Corporation has signed an agreement to sell its rigid medical packaging business to Mason Wells for $125 million. The transaction is expected to be completed in the fourth quarter of 2013.
Sealed Air’s rigid medical packaging business was formed from three previous acquisitions: Nelipak Holdings, Alga Plastics and ATE Costa Rica, which includes facilities in each of Ireland, the Netherlands, the United States and Costa Rica. Nelipak specializes in designing and producing thermoformed packaging for the medical and pharmaceutical market. Examples include medical packaging for orthopedic implants, pacemakers, surgery sets, catheters and diagnostic kits. The medical packaging business will have revenues in 2013 of approximately $100 million (www.sealedairmedical.com).
Sealed Air Corporation (NYSE:SEE) is a maker of packaging materials, systems and equipment. Brands include Bubble Wrap, Cryovac, Instapak, and Shanklin. The company was founded in 1960 by inventors Alfred Fielding and Marc Chavannes. Sealed Air had $7.6 billion of revenue in 2012. The company is headquartered in Elmwood Park, NJ (www.sealedair.com).
Mason Wells makes investments in Midwest-based companies with revenues of $25 million to $300 million and EBITDAs of at least $5 million. Sectors of interest include consumer packaged goods, packaging materials & converting, engineered products & services and outsourced business services. The firm was founded in 1982 and is based in Milwaukee (www.masonwells.com).
Mason Wells will acquire Sealed Air’s rigid medical packaging business through its third investment fund, Mason Wells Buyout Fund III, LP, a $525 million fund that was raised in 2010.
© 2013 PEPD • Private Equity’s Leading News Magazine • 11-12-13
