Bain Capital, through its portfolio company Consolidated Container Company (“CCC”) has purchased Envision Plastics and Ecoplast Corporation, both plastic recyclers, from their founders Massoud Rad and Parham Yedidsion.
Envision Plastics was formed in 2001 after obtaining proprietary rights and patented technologies from Union Carbide. At the same time, two newly acquired plastics recycling facilities, in Reidsville, NC, and in Chino, California, provided the manufacturing platforms needed for recycled HDPE resin production. The two facility locations also allowed for ease in distribution to customers from either the east or west coast. Envision Plastics is a provider of post-consumer recycled polyolefin resins (HDPE). The company is based in Reidsville, NC (www.envisionplastics.com).
Established in 1963, Ecoplast Corporation is a supplier of recycled and custom compounded resins. The company is based in Fontana, CA (www.ecoplastcorp.com).
“We believe that recycling and sustainability are megatrends in the economy. We are excited to support the continued growth of Envision and Ecoplast, in building on Massoud and Parham’s legacy. We believe that recycling is both a good financial investment and an important industry for our society,” said Seth Meisel, a managing director of Bain Capital.
Envision and Ecoplast will operate as a stand-alone business led by Scott Booth and the rest of the existing management team. Mr. Booth will report to Sean Fallmann, CCC’s CEO. “We are very excited to add the unique capabilities and products as well as the talented people of Envision and Ecoplast to CCC,” said Mr. Fallmann.
Consolidated Container (CCC) is a developer and manufacturer of rigid plastic packaging solutions in the US. CCC specializes in customized mid- and short-run packaging solutions, serving a diverse customer base in the dairy, household chemicals, food, industrial/specialty chemicals, water, and beverage/juice markets. With 56 manufacturing facilities and approximately 2,300 employees, CCC has an integrated, nationwide network of manufacturing and service locations to deliver reliable and cost-effective packaging solutions to meet the needs of a wide range of customers and markets. The company is based in Atlanta (visitwww.cccllc.com).
Bain Capital manages several pools of capital, including private equity, venture capital, and public equity and leveraged debt assets. The firm has more than $75 billion in assets under management. Since its inception in 1984, Bain Capital has made private equity investments and add-on acquisitions in more than 450 companies in a variety of industries around the world. The firm has offices in Boston, New York, Chicago, London, Munich, Tokyo, Shanghai, Hong Kong and Mumbai (www.baincapital.com).
2014 PEPD • Private Equity’s Leading News Magazine • 6-19-14