Huntington Solutions, a portfolio company of Mill Point Capital, has agreed to acquire the assets of RADVA Corporation, a maker of protective and temperature-sensitive foam packaging products.
RADVA’s products are used in a range of industries including consumer electronics, automotive, appliances, medical, pharmaceutical, food and beverage, textiles and furniture. Customers of the company range from start-ups to Fortune 500 companies including HP, Canon, American Woodmark, Mitsubishi, and Delphi.
RADVA, led by CEO Stephen Dickens, was founded in 1962 and has a 100,000 square foot manufacturing facility and warehouse in Radford, VA (www.radva.com).
Huntington Solutions, acquired by Mill Point Capital in September 2016, is a maker of custom-engineered shape-molded and fabricated foam made from expanded polystyrene (EPS), expanded polypropylene (EPP) and other advanced resins. The company’s products are used in the appliance, cold chain, HVAC, consumer electronics, medical, and automotive sectors. Huntington, led by CEO Ed Flynn, is headquartered in Greer, SC and operates five plants in South Carolina, Michigan, Ohio and two in Mexico (www.hunt-sol.com).
“We are extremely enthusiastic about the acquisition of RADVA, which will further our reach in the Mid-Atlantic region and bolster our ability to serve customers,” said Mr. Flynn. “RADVA brings distinct expertise in the cold chain market, providing highly-engineered, temperature-sensitive solutions to its customers. We look forward to welcoming Stephen Dickens and his team to the Huntington organization.”
Mill Point makes control-oriented investments of $15 million to $80 million in middle-market companies that have enterprise values of $50 million to $250 million. Sectors of interest include business services and industrial. Mill Point Capital closed its inaugural institutional fund, Mill Point Capital Partners LP, at its hard cap of $450 million in May 2018. The firm was founded by Managing Partner Michael Duran and is based in New York (www.millpoint.com).
The buy of RADVA by Huntington Solutions is expected to close during the second quarter of 2019.
© 2019 Private Equity Professional | March 29, 2019
