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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By GlobalDataThis 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.
