Oliver manufactures compostable and recyclable trays. Credit: foodandcook via Shutterstock.

Monomoy Capital Partners, a private investment company, has acquired US-headquartered manufacturer Oliver Packaging and Equipment for an undisclosed amount. 

Oliver specialises in producing compostable and recyclable meal trays and films for various markets such as education and grocery. 

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The company’s diverse customer base spans across North America, supported by a significant installed base of machines and consumable packaging products.  

Following the acquisition, Oliver’s current management team, led by CEO Mitch Summerfield, will continue to operate the company.

Summerfield said: “Monomoy’s operational value-add in similar businesses and experience in packaging represent a differentiated opportunity to grow Oliver as an independent platform. 

“This partnership adds valuable resources that will allow us to achieve our growth initiatives while maintaining a steadfast commitment to our existing customers.” 

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This move is part of Monomoy’s strategy to strengthen its presence in the middle market through corporate carve-outs.  

The company’s recent carve-outs include Waupaca Foundry from Proterial and Valtir from Trinity Industries. 

In 2020, Monomoy also invested in the packaging sector with the acquisition of Mac Papers + Packaging.  

Monomoy director Matt Farrell said: “Our partnership with Oliver aligns well with Monomoy’s experience in carve-outs and the packaging sector.  

“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.” 

Legal counsel for the transaction was provided by Kirkland & Ellis for Monomoy while Mesirow Investment Banking acted as its exclusive financial advisor.  

Meanwhile, Oliver received legal counsel from Dechert and financial advice from TD Cowen.