Huntington Solutions, a portfolio company of Mill Point Capital, has acquired Texas Foam.
Texas Foam is a manufacturer of extended-duration shippers and temperature-sensitive protective foam packaging products used in the medical, instrumentation, pharmaceutical and food and beverage industries.
The company was founded in 1991 and is headquartered near Austin in Bastrop, TX (www.texasfoam.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 six plants in South Carolina, Michigan, Ohio, Texas and two in Mexico (www.hunt-sol.com).
“We are extremely excited that Texas Foam will be joining Huntington as its seventh facility. Texas Foam offers a wide variety of impressive and proven cold-chain packaging technologies that will augment our ability to meet the needs of our customers,” said Mr. Flynn. “Additionally, with a newfound presence in the Southwest, Texas Foam further expands Huntington’s geographic footprint, allowing our offering to reach an entirely new cohort of customers.”
“With the acquisition of Texas Foam, Huntington substantially increases and broadens its production capabilities in the fast-growing market that is temperature-sensitive packaging,” said Scott Martin, executive chairman of Huntington Solutions. “We view the transaction as highly complementary to both organizations, each of which will benefit from the sharing of technologies and implementation of operational best practices.”
Just a few months ago, Huntington Solutions acquired the assets of RADVA Corporation, a maker of protective and temperature-sensitive foam packaging products. The Radford, VA-based company’s products are used in a range of industries including consumer electronics, automotive, appliances, medical, and pharmaceutical (www.radva.com).
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).
© 2019 Private Equity Professional | July 18, 2019
