Graham Partners has acquired Nuconic Packaging, a supplier of rigid PET plastic packaging to commercial and industrial food processors, from Carlin Capital Partners which first invested in the company (then called Winkler Plastic) in January 2011.
Nuconic manufactures containers and lids in a variety of shapes and sizes as well as packaging for cakes and other food products. The company’s products are used for baked goods, confections, snack food and produce. Nuconic is led by its CEO Alan Franz and is headquartered near Los Angeles in Vernon, CA (www.nuconicpackaging.com).
The buy of Nuconic follows Graham’s acquisition in November 2017 of EasyPak, a Leominster, MA-based provider of thermoformed packaging (made from 100% post-consumer recycled materials) to companies operating in the healthy and natural food markets (www.easypak.net); and the December 2017 acquisition of Tray-Pak, a Reading, PA-based thermoformed packaging provider to companies operating in the food, confectionery and medical markets (www.traypak.com).
“Graham Partners is very excited to partner with the Nuconic team, led by industry veteran Alan Franz,” said Adam Piatkowski, a Managing Principal at Graham Partners. “The company has experienced strong growth driven by a strategic market focus and strong customer relationships, and we have identified significant synergies due to the expanded geographic coverage and capabilities of the combined platform.”
Nuconic’s PET plastic packaging products are complementary to EasyPak and Tray-Pak and advance Graham’s strategy to build a nationwide, mid-sized packaging provider, in combination with Tray-Pak and EasyPak. The buy of Nuconic expands the combined company’s footprint to the West Coast, which is expected to be a key growth area moving forward. Graham’s investment in the packaging sector is benefiting from increasing consumer demand for sustainable packaging options and freshly prepared, on-the-go meals.
Mesirow Financial (www.mesirowfinancial.com) was the advisor to Nuconic on this transaction. “We are thrilled to have advised Nuconic in connection with this investment,” said Rick Weil, managing director of Mesirow’s investment banking group. “The company has developed a strong competitive position and will continue to prosper in the thermoformed packaging space under Graham’s leadership.”
Graham Partners acquires companies with EBITDA between $5 million and $50 million and will invest in smaller companies as add-on acquisitions to existing portfolio companies. The firm is sponsored by the Graham Group, an industrial and investment concern with interests in plastics, packaging, machinery, building products and outsourced manufacturing. Graham Partners was founded in 1988 and is headquartered in Philadelphia (www.grahampartners.net).
Carlin Capital Partners, the seller of Nuconic, invests in companies that have revenues of less than $100 million and EBITDA of less than $5 million. Sectors of interest include consumer and business services; media, publishing, and tradeshows; niche manufacturing and distribution; and software. The firm was founded by the father and son team of Skip and Jason Farber and is headquartered in Encino, CA (www.carlinpartners.com).
© 2018 Private Equity Professional | August 14, 2018