Monomoy Capital Partners has acquired Oliver Packaging and Equipment Company from Berwind Capital.
Oliver Packaging manufactures heat-seal food packaging systems and bakery equipment, supplies fiber-based meal trays and recyclable CPET plastic meal trays and film and provides aftermarket parts and services for its installed equipment base.
Oliver Packaging’s product portfolio includes meal packaging systems, such as the Oliver Speedseal Packaging System, which enables efficient and secure meal sealing. The company also offers slicers for bakeries and delis and heat-sealing trays designed for meal distribution and preservation. Its products are used by institutional food service providers, including schools, healthcare facilities, and correctional institutions.
Oliver Packaging was founded in 1890 by Thomas Oliver and is currently led by CEO Mitch Summerfield. The company’s annual revenues are approximately $95 million, and it is headquartered near Grand Rapids in Walker, Michigan.
“Monomoy’s operational value-add in similar businesses and experience in packaging represent a differentiated opportunity to grow Oliver as an independent platform,” said Mr. Summerfield. “This partnership adds valuable resources that will allow us to achieve our growth initiatives while maintaining a steadfast commitment to our existing customers.”
“We are excited to welcome Oliver to the Monomoy portfolio,” said Mel Bartoul, a managing director at Monomoy. “Oliver is a clear market leader with a unique customer value proposition and tremendous growth potential. We look forward to working with the management team to ensure Oliver continues to accelerate its growth as a standalone platform.”
“Our partnership with Oliver aligns well with Monomoy’s experience in carve-outs and the packaging sector,” said Matt Farrell, a director at Monomoy. “Together with the management team, we have already identified significant product, customer, and end-market expansion opportunities upon which we plan to execute through organic growth initiatives and strategic add-on acquisitions.”
Monomoy Capital Partners makes control investments of debt and equity in companies with $20 million to $100 million of EBITDA. Sectors of interest include manufacturing and distribution businesses across industrial and consumer product sectors in North America and Europe. In July 2024, after just five months of fundraising, Monomoy held an oversubscribed and above-target closing of its fifth fund with $2.25 billion of capital. New York City-based Monomoy was founded in 2005 and has over $5 billion in assets under management.
Philadelphia-based Berwind, founded in 1886 as Berwind-White Coal Mining Company, is a fifth-generation, family-owned investment management company that invests in middle-market companies with transaction values of $200 million to $900 million across a range of industries.
Berwind acquired Oliver Products, the parent company of Oliver-Tolas Healthcare Packaging and Oliver Packaging and Equipment, from Mason Wells in 2012.
© 2024 Private Equity Professional | November 5, 2024
