Mold-Rite Plastics, a portfolio company of Irving Place Capital, has acquired Weatherchem Corporation, a manufacturer of plastic dispensing closures.
Weatherchem Corporation is a manufacturer of plastic dispensing closures. The company’s closures are use for chemicals, confectionary & sweeteners, creamers and specialty milks, grated cheese, healthcare, liquid condiments, dry foods, personal care, pet food & care, and spices & seasonings. Brand names include Flapper, LiquiFlapper, NutraFlapper, NutraGen II, FlapMate and Grinder. The company was founded in 1971 and is based in Twinsburg, OH (www.weatherchem.com).
Mold-Rite Plastics is a manufacturer of rigid plastic packaging products serving a variety of markets around the world. The company’s product lines include a variety of caps and closures, a full line of jars and a variety of specialty items. The company was founded in 1976 and is headquartered in Plattsburgh, NY (www.moldriteplastics.com).
Irving Place Capital invests in buyouts, recapitalizations and growth capital opportunities. The firm focuses on making control or entrepreneur-driven investments. Since its formation in 1997, Irving Place Capital has been an investor in 55 companies and manages over $4 billion, including its current $2.7 billion institutional fund. The firm is based in New York (www.irvingplacecapital.com).
P&M Corporate Finance served as the exclusive financial advisor to Weatherchem Corporation. John Hart of P&M’s Plastics & Packaging Group led the transaction. P&M Corporate Finance (PMCF) is a middle market investment bank providing merger and acquisition advisory services to companies in North America and Europe. PMCF has offices in Chicago and Detroit and around the globe via its Corporate Finance International affiliates (www.pmcf.com).
“P&M’s highly structured process created interest from a broad and attractive range of financial and strategic buyers which allowed us to both maximize shareholder value while selecting the best partner for our organization to grow,” said Jennifer Altstadt, President of Weatherchem.
© 2012 PEPD • Private Equity’s Leading News Magazine • 12-14-12