Mill Point Capital has formed CREO Group 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. With the launch of CREO Group, Nursery Supplies will become a division of CREO, and Summit Plastic has been rebranded as CREO Greenhouse.
Kissimmee, Florida-headquartered CREO is a manufacturer and an in-house recycler of 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. CREO has manufacturing/distribution facilities in Florida, Pennsylvania, Ohio and Texas; and additional distribution facilities in California and Oregon.
“We are thrilled to announce the creation of CREO Group and leverage it for the benefit of our customers, employees and other partners,” said Justin Smith, the executive chairman and interim CEO of Nursery Supplies. “We now have a platform that will set us apart from the competition and continue driving innovation and growth.” Mr. Smith is an executive partner of Mill Point and previously served as the chief executive officer of Spire Power Solutions, a manufacturer of power transformers and a former portfolio company of Mill Point.
“The formation of CREO Group marks the beginning of a new era in sustainable packaging,” said Mark Paolano, a partner at Mill Point. “Our new identity is emblematic of the significant growth and expansion plans that will define CREO in the years ahead.”
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 | June 26, 2024
