Wind Point Quickly Adds to U.S. Nonwovens

U.S. Nonwovens, a portfolio company of Wind Point Partners, has acquired the Chicago-based PVA (water-soluble) packaging division of Multi-Pack, a portfolio company of family office Cameron Holdings.

Wind Point acquired U.S. Nonwovens (USN), a maker of home and personal care products including disinfectants, cosmetic and personal cleansing wipes, as well as laundry detergent, bleach and fabric softener, in September 2019.

USN’s brand names include Ajax Laundry, Final Touch, Fab, Dynamo, Oxydol, RediWipes, SunnySoft, Luminoso, Breezy, and Bloom. The company’s customers include many Fortune 500 retailers including Walmart, as well as branded consumer products companies such as Procter & Gamble, Johnson & Johnson, and Unilever. USN, headquartered on Long Island in Brentwood, NY, has eight manufacturing facilities and five warehouses and nearly 1,200 employees.

Multi-Pack is a contract packager of consumer, personal care, OTC, pharmaceutical and industrial products with a range of packaging, blending and mixing capabilities. The company operates from three locations in Mount Prospect, IL; Greenville, SC; and Milwaukee, WI.

Multi-Pack and its operating subsidiary Multi-Pack South-Carolina will continue to operate under the Multi-Pack name in the consumer, personal care, OTC, pharmaceutical and industrial contract manufacturing sectors. “We are very bullish on the Multi-Pack business and are actively investing for growth,” said Steve Crass, president of Multi-Pack. “Multi-Pack is investing in the construction of a new facility that will offer significant growth and process optimization opportunities. With its unique competencies in both blending and packaging along with strong customer and supplier relationships as well as its dedication to quality and service, Multi-Pack remains a leader in the contract manufacturing industry.”

“This divestiture positions Multi-Pack to focus on its core markets, aggressively growing both organically and through strategic add-on acquisitions in the contract manufacturing market,” said Brian Lovett, a vice president of Cameron.

Cameron Holdings is a family office that invests in middle-market manufacturing, industrial service companies, and value-added distribution companies that have revenues of at least $15 million and EBITDAS from $3 million to $8 million. The family office was founded in 1978 by Vincent Gorguze, the former president and chief operating officer of St. Louis-based Emerson Electric. Cameron Holdings has offices in St. Louis, MO and La Jolla, CA.

Wind Point invests from $50 million to $100 million in companies with EBITDAs of at least $10 million. Industries of interest include business services, consumer products and industrial products. In June 2017, Wind Point held a final closing of its eighth fund, Wind Point Partners VIII LP, with $985 million of capital commitments. The fund exceeded its initial hard cap of $750 million and is the largest fund closing in Wind Point’s history. The firm was founded in 1984 and is based in Chicago.

Lincoln International was the financial advisor to Multi-Pack on this transaction.

© 2019 Private Equity Professional | November 4, 2019

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