PMC Capital Group has acquired StyroChem Canada, a manufacturer of expandable polystyrene (EPS), from WinCup, a manufacturer of disposable foodservice products.
StyroChem’s EPS products are used in foodservice, packaging, construction, casting and other specialty applications. The company, with annual revenues of approximately $100 million, was founded in 1975 and is led by President Glenn Wredenhagen. StyroChem is headquartered near Montreal in Baie-D’Urfé, Canada (www.styrochem.com).
PMC Capital is partnering with the existing StyroChem management team on this transaction. “This partnership with PMC Capital will allow us to continue operating from our facility in Quebec and, most importantly, serve our existing customers and product lines, as well as aggressively pursue growth opportunities, both organically and through future acquisitions,” said Mr. Wredenhagen.
“We are excited to partner with StyroChem’s management team and help lead the business through the next stage of its growth,” said Michel Tamer, managing member of PMC Capital. “We see significant opportunities to deepen relationships with existing customers through product innovations, including StyroChem’s proprietary EVRgreen EPS, an expandable polystyrene resin that promotes biodegradation, and expand our reach through new customer acquisition.”
WinCup is a manufacturer of disposable polystyrene cups, bowls, containers, straws and lids. The company has seven manufacturing locations and is headquartered near Atlanta in Stone Mountain, GA (www.wincup.com).
PMC Capital Group is part of PMC Global, a multinational conglomerate which operates businesses in the chemical, liquefied natural gas, pharmaceutical, plastics, packaging, construction, financial, machinery and fabrication, and health and beauty industries. PMC Capital, based near Los Angeles in Sun Valley, CA, invests in corporate carve-outs, recapitalizations, and founder-owned companies in the TMT, consumer, healthcare, business services and industrial sectors (www.pmcglobalinc.com).
© 2019 Private Equity Professional | August 22, 2019