foam products

Mill Point Acquires TrimTec Systems

by

Huntington Solutions, a foam products company and a portfolio company of Mill Point Capital, has acquired TrimTec Systems. Mill Point Capital acquired Huntington Solutions in September 2016.

TrimTec Systems is a manufacturer of engineered computer-cut expanded polystyrene fabrications and dunnage packaging (dunnage is inexpensive or waste material used to load and secure cargo during transportation). TrimTec does not manufacture any of its packaging material but rather converts material sourced from its network of national and international suppliers.

TrimTec’s converting capabilities include CNC waterjet cutting, CNC hot wire cutting, ultrasonic welding, hot melt application, thermo-sealing, flat die cutting, and product labeling. TrimTec was founded in 2001 by its president Jeff Wagner and is headquartered in Columbus, OH (www.trimtecsystems.com).

Huntington Solutions is a provider of custom-engineered shape-molded and fabricated foam made from expanded polystyrene (EPS), expanded polypropylene (EPP) and other resins. The company’s four production facilities – located in South Carolina, Michigan, and two in Mexico – specialize in the production and assembly of components utilized in protective packaging, energy absorbing safety materials and temperature controlled containers. Huntington Solutions is headquartered in Greer, SC (www.hunt-sol.com).

“TrimTec is a great addition to the Huntington organization and will allow us to quickly expand the range of product offerings to our existing customer base while also further expanding our geographic reach in the Midwest market,” said Ed Flynn, President of Huntington Solutions. “We are excited to welcome Jeff Wagner and his team to the Huntington organization and look forward to supporting their continued growth and expansion.”

“The TrimTec acquisition represents an important step in the evolution of Huntington Solutions,” said Scott Martin, Executive Chairman of Huntington Solutions. “TrimTec’s value-added engineering and design capabilities are a strong fit for the Huntington organization and further reinforce why leading OEMs rely on Huntington Solutions.”

Mill Point makes control-oriented investments of $15 million to $80 million in middle-market companies that have enterprise values of $50 million to $250 million. Sectors of interest include business services and industrial. Mill Point is based in New York (www.millpoint.com).

© 2018 Private Equity Professional | February 20, 2018

IOP Acquires Creative Foam

by

Industrial Opportunity Partners (IOP) has acquired Creative Foam Corporation, a manufacturer of die cut, formed foam, nonwoven, and other multi-material components that are used in the automotive, medical, and wind energy markets.

Creative Foam’s Automotive Division manufactures products that are used to address issues primarily related to noise, vibration, sealing, airflow, and insulation. The Medical Division manufactures foam patient positioners and table pads for use in diagnostic imaging applications, and has molding and fabricating technologies that secure electrical components inside foam products to ensure that flammability and patient contact surface requirements are met. Lastly, through its Composites Division, Creative Foam manufactures cores used in turbine blade construction in the wind energy market.

Creative Foam was founded in 1969 and is headquartered north of Detroit in Fenton, MI. The company has one million square feet of production space in 14 facilities located in Michigan, Tennessee, Colorado, Indiana, Ohio, Florida and Mexico (www.creativefoam.com).

Creative Foam is the first platform investment for IOP’s third fund, Industrial Opportunity Partners III, which closed in July 2017 at its hard cap of $450 million, and is IOP’s largest investment since its founding in 2005.

IOP is partnering on its investment in Creative Foam with David Swallow, Creative Foam’s President, the Swallow family, and the company’s management team, all of whom have ownership interests and will remain in their current leadership roles. In addition, Phil Fioravante, an IOP Operating Principal, will assume the position of Chairman. Dr. Fioravante is a member of IOP’s Board of Operating Principals, which is comprised of executives who provide leadership to the businesses in which IOP invests.

“We are thrilled to partner with the Swallow family and Creative Foam. We believe that Creative Foam has an extremely talented team, a highly entrepreneurial culture, and strong competitive position in three key markets with attractive growth prospects,” said Bob Vedra, Senior Managing Director of IOP.

IOP focuses on acquiring middle-market manufacturing and value-added distribution businesses, typically with revenues between $30 million and $350 million. The firm targets businesses with strong product, customer, and market positions and provides both management and operational resources to support sales growth and operational improvements. IOP is headquartered in the Chicago suburb of Evanston (www.iopfund.com).

“The Creative Foam management team and I are excited to partner with IOP. IOP brings both capital and significant industry experience, which I believe will enhance the company’s ability to support growth and to expand our capabilities for our customers,” said Mr. Swallow.

Senior debt financing was provided by a bank group led by JP Morgan and Comerica.  Hancock Capital Management and Norwest Mezzanine Partners provided the subordinated debt financing. Western Reserve Partners, a division of Citizens Capital Markets, was the financial advisor to Creative Foam.

© 2017 Private Equity Professional | October 10, 2017

Sun Capital Partners Acquires Sleep Innovations

by

Sun Capital Partners has entered into an agreement to acquire Sleep Innovations, a designer, manufacturer and marketer of memory foam products, including pillows, mattress toppers and mattresses.

“Sun Capital has deep experience in the bedding market, most notably with bedding product retailer Mattress Firm, which was successfully exited in 2007 at an attractive return,” said Marc Leder, Co-Chief Executive Officer at Sun Capital. “Sleep Innovations will benefit from our extensive experience in the bedding and retail industries as the company looks to continue on a growth path.”

Sleep Innovations manufactures standard and specialty polyurethane foam sold to end markets for use in bedding, furniture, auto, packaging and consumer products, and to be sold through the company’s retail division. Sleep Innovations products can be found in multiple retail outlets including warehouse clubs, department stores, and through e-commerce sites. The company’s retail brands include Novaform, Bodipedic and Sleep Innovations, and it also sells products under licensed and private retail brands. The company is headquartered in West Long Branch, NJ (www.sleepinnovations.com).

Sun Capital Partners is a private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 300 companies worldwide with combined sales in excess of $45 billion since Sun Capital’s inception in 1995. The firm has offices in Boca Raton, Los Angeles, and New York as well as affiliates with offices in London, Paris, Frankfurt, Luxembourg, Shanghai and Shenzhen (www.SunCapPart.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 10-19-12