Sun America Converting has been acquired by the Hunter Valley Company and The Vitruvian Group in partnership with Sun’s existing shareholders Russell and Christopher Romocean.
Sun America is a manufacturer of specialty paper baking cups and thermoformed plastic trays used by commercial bakeries, branded food products companies, supermarkets, foodservice distributors, and retail foodservice providers. The company is a leading supplier of baking cups for the high-volume robotic baking and packaging lines used by large commercial bakeries and other food product companies. Sun America is based southeast of Akron in Alliance, OH (www.sun-america.com).
“Over the past 8 years, Russell Romocean and Howard Davison have built Sun America into a strong business with a notable reputation for manufacturing high quality, precision paper baking cups for the commercial baking market,” said JJ Scaravilli, President of The Vitruvian Group. “The company is now positioned for significant expansion within its core markets by expanding the company’s product offerings. We look forward to partnering with Sun America’s management team to develop and execute a focused growth strategy.”
Hunter Valley Company invests in Midwest-based lower middle market companies that have revenues between $10 million and $75 million and EBITDAs from $1 million to $8 million. Sectors of interest include niche manufacturing, value-added distribution, and business services. The firm prefers control positions but will consider minority equity investments. Hunter Valley Company was founded in 2012 by Owen Colligan, the co-founder and former Managing Director of Rockwood Equity Partners. The firm is headquartered in the Cleveland suburb of Beachwood, OH (www.huntervalleyco.com).
The Vitruvian Group invests in Midwest-based manufacturing companies, value-added distributors, and business service companies with revenues between $10 million and $75 million. Sectors of specific interest include industrial products, military & aerospace, energy products, medical, and industrial services. The Vitruvian Group was founded in 2012 by JJ Scaravilli and his father Victor Scaravilli and is headquartered in the Cleveland suburb of Beachwood, OH (www.huntervalleyco.com).
“We were looking for a partner that could assist us in growing the business,” said Mr. Romocean, President of Sun America. “I am excited to be partnering with the Hunter Valley and Vitruvian team to take the company forward.”
© 2015 PEPD • Private Equity’s Leading News Magazine • 3-19-15
