Morgan Stanley Acquires Comar
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Morgan Stanley Acquires Comar

Morgan Stanley Capital Partners has completed its acquisition of Comar from Graham Partners which had acquired the business in October 2013.

Comar is a manufacturer of rigid plastics packaging used in the medical, pharmaceutical, consumer healthcare, personal & home care, and food & beverage markets. The company’s products include bottles; closures, tips & adapters; dosage cups and spoons; dropper assemblies; oral syringe systems; dispensing systems; and a variety of other custom molded products.The company has eight manufacturing facilities across the US and in Puerto Rico: Garden Grove, CA (40,000 sq. ft. facility); West Bend, WI (40,000 sq. ft. facility); Buena, NJ (172,000 sq. ft. facility); Saddle Brook, NJ (100,000 sq. ft. facility); Cayey, Puerto Rico (90,000 sq. ft.); Sheboygan, WI (183,000 sq. ft. facility); Rancho Cucamonga, CA (115,000 sq. ft. facility); Hoschton, GA (111,000 sq. ft. facility).Comar was founded in 1949 as the TST Glass Company, a converter of glass tubing for use in medical applications, and is headquartered near Philadelphia in Voorhees, NJ (www.comar.com).

Morgan Stanley Capital Partners (MSCP) partnered with Comar’s senior management team, led by CEO Michael Ruggieri, to complete this transaction. “We are delighted to partner with Michael Ruggieri and the Comar team,” said Mark Bye, Managing Director and Operating Partner of MSCP. “MSCP’s investment in Comar is the culmination of a multi-year review of the rigid packaging sector and we believe the company is primed for outsized growth.”

The buy of Comar is the eighth platform investment for MSCP’s North Haven Capital Partners Fund VI, which closed in December 2016 with $1.5 billion of capital commitments, and is the fund’s second packaging investment. In February 2017, MSCP acquired Chicago-based Fisher Container, a maker of flexible plastic pouches, bags and films.

“We are excited to invest in Comar, which is a premier engineered packaging and dosing solutions provider in the US,” said Eric Kanter, Managing Director of MSCP. “Graham Partners, the prior sponsor, has invested in a world-class management team who has targeted highly attractive end markets and best in class capabilities. We look forward to supporting the talented management team during the coming years of organic and acquisition-fueled growth as the company executes its strategy to develop increasing exposure to medical/drug delivery products.”

MSCP is the middle-market focused private equity business of Morgan Stanley Investment Management which in turn is part Morgan Stanley (NYSE: MS), a financial services firm providing investment banking, securities, wealth management and investment management services. MSCP invests in North American-based companies that are active in the business services, consumer, healthcare and industrials markets Click HERE for the MSCP website.

© 2018 Private Equity Professional | June 20, 2018

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