CREO Group, a Mill Point Capital portfolio company, has acquired United Solutions. Mill Point formed CREO Group in June 2024 to consolidate its investments in Nursery Supplies Inc. and to provide a platform for further investments in the horticultural sector.
Nursery Supplies was founded in 1966 and was the country’s first producer of plastic containers specifically for the nursery industry. The business was acquired by Lincolnshire Management in 2005 and was merged in 2013 with Summit Plastic, a custom-printed greenhouse container supplier which Lincolnshire had acquired in 2006. Mill Point Capital acquired Nursery Supplies in April 2023.
Kissimmee, Florida-headquartered CREO Group manufactures and recycles a diverse line of horticulture containers and trays ranging in size from 1 pint to 600 gallons. The company’s products average more than 50% recycled plastic content in every container, and it also offers bio-based materials that break down over time and displace petroleum-based plastic products.
CREO’s capabilities include blow molding, pressure forming, injection molding, vacuum forming, custom printing and branding, and in-house resin recycling. The company has manufacturing/distribution facilities in Florida, Pennsylvania, Ohio, and Texas, as well as additional distribution facilities in California and Oregon.
United Solutions designs, develops and manufactures household products, including storage totes, wastebaskets, trash cans, and utility buckets. Company-owned brands include United Solutions and Commander, and United has a brand name licensing agreement with Rubbermaid. United’s products are sold and distributed through several channels, including major retailers, wholesalers, and commercial customers.
United Solutions was originally established as United Comb and Novelty Products in 1919 by Eugene Tourigny. The company rebranded as United Plastics in 1986 and later as United Solutions in 2006. In 2018, Camber Holdings, a Boston-based private equity firm, acquired the company from Edward Zephir, the grandson of the founder
Today, United Solutions is led by CEO David Reilly. Its headquarters are 50 miles west of Boston in Leominster, Massachusetts, and it operates a second manufacturing facility in Sardis, Mississippi.
As part of the transaction, Mr. Reilly will become the CEO of CREO Group. “I’m extremely proud of what the United Solutions team has accomplished to become a market leader,” said Mr. Reilly. “I am excited to lead the newly combined CREO Group. We look forward to driving growth, innovation, and manufacturing excellence in partnership with Mill Point.”
“We are excited about this next step in CREO Group’s journey and look forward to continued growth through cutting-edge solutions,” said Mark Paolano, a partner at Mill Point Capital. “United Solutions brings a complementary product line and a forward-thinking team whose expertise will help CREO expand into new markets and strengthen its position as a leader in sustainable manufacturing, with a combined recycling capacity of over 150 million pounds annually. We are confident that this acquisition will create significant value for our customers and stakeholders as we continue to execute our long-term strategic vision.”
Justin Smith, an executive partner at Mill Point and CREO Group’s Interim CEO, will continue as the company’s executive chairman of the board. “CREO Group was established with a vision for long-term growth in sustainable manufacturing,” said Mr. Smith. “Acquiring United Solutions, combined with Dave Reilly’s leadership, underscores our commitment to that vision. Dave’s proven track record makes him an ideal fit to lead CREO into the future.”
New York City-based Mill Point makes control-oriented investments in North America-based lower middle-market industrial, business services, and IT services companies. Mill Point closed its second fund, Mill Point Capital Partners II LP, at its hard cap of $886 million in February 2021. The firm’s inaugural institutional fund, Mill Point Capital Partners LP, closed at its hard cap of $450 million in May 2018.
© 2024 Private Equity Professional | September 24, 2024
