LongueVue Acquires Summit Plastics, Adds Operating Partner

LongueVue Acquires Summit Plastics, Adds Operating Partner

LongueVue Capital has acquired Summit Plastics, a manufacturer of blown film and bags used in the food and beverage, industrial, and healthcare markets.

Summit’s products include mono and multi-layer films that can be modified to customer specifications including printing and coloring; ultra-violet, anti-block, antimicrobial and anti-static additives; and corona surface treatment (used to achieve better adhesion for inks and coatings).

Summit has more than 100 full-time employees and operates from a 90,000 square foot manufacturing facility located 115 miles north of New Orleans in Summit, Mississippi.

LongueVue is partnering on this transaction with CEO Tom Nathanson who purchased the business in 2015. According to LongueVue, Summit has experienced rapid growth since Mr. Nathanson acquired the business.

“Summit’s remarkable growth trajectory over the past several years is a testament to the company’s excellent customer service and quality. We are excited for the opportunity to partner with Summit’s management team as they continue to build the company into a best-in-class manufacturer,” said Paul Ebbert, who joined LongueVue in September 2020 as an operating partner to support the firm’s specialty packaging investment strategy. Mr. Ebbert is an experienced packaging and plastic sector executive. Before joining LongueVue he held senior positions at Fortune Plastics, Pitt Plastics and Heritage Bag Company.

“We are excited about our partnership with LongueVue, as their deep industry relationships and track record of successfully supporting middle-market businesses will help Summit effectively navigate the next phase of our growth,” said Mr. Nathanson. “We are confident that this partnership will be a great cultural fit for both organizations and will allow us to better serve our customers through even broader capabilities and higher service and quality standards.”

“Summit’s strong reputation and desire to exceed customer expectations has positioned the company as a clear leader in the custom plastic packaging sector,” said Ryan Nagim, a partner at LongueVue. “By leveraging decades of experience and focusing on a niche and custom product offering, the Summit team has achieved exceptional, above-industry growth, and we plan to build on that success through investments in technology, capabilities, and capacity.”

LongueVue makes equity and debt investments of $10 million to $50 million in companies that have over $3 million of EBITDA and up to $150 million of annual revenue. Sectors of interest include healthcare, transportation and logistics, food and beverage, specialty packaging and manufacturing, industrial services, and consumer.

LongueVue closed LongueVue Capital Partners III LP in March 2017 at its hard cap of $252 million. The firm was founded in 2001 and is based in New Orleans with an additional office in Park City, Utah.

Louisiana-headquartered Origin Bank provided senior debt financing to support the buy of Summit Plastics.

© 2021 Private Equity Professional | January 21, 2021

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