Emerald Lake Capital Management has divested Inno-Pak, a manufacturer of eco-friendly packaging for prepared and takeout foods, to Wynnchurch Capital’s portfolio company Handgards.

The financial details of the transaction have not been disclosed.

Inno-Pak, headquartered in Ohio, US, offers a portfolio of more than 170 design and utility patents.

These patents cover a range of products, including nested paper takeout containers, soup cups, and transparent lids.

The company's patents also cover flat-bottom laminated bag systems for rotisserie chickens and multi-substrate deli cartons.

Since partnering with Emerald Lake in 2020, Inno-Pak more than doubled its patent portfolio and enhanced its manufacturing and distribution capabilities.

The company inaugurated its first large-scale domestic production facility in Ohio in 2023, which included an expansion of its primary distribution centre.

Emerald Lake managing partner Dan Lukas said: “We're pleased to have partnered with the Inno-Pak team to support the company's growth and continued ability to meet demand for eco-friendly packaging solutions as customer preferences shift towards prepared foods coming from supermarkets and app-based delivery.

“We have been continually impressed by Inno-Pak's differentiated ability to work across multiple substrates and product types to meet the full spectrum of prepared food packaging needs.”

In 2022, Inno-Pak acquired Stalk Market and Finishing Services, followed by the purchase of Albany Packaging in 2023.

Inno-Pak CEO Chris Sanzone said: “Over the past five years, Inno-Pak has experienced tremendous growth across our product portfolio, manufacturing footprint, and team capabilities.

“We are grateful for our partnership with the Emerald Lake team, who share our growth ambitions, culture of innovation and focus on remaining adaptable to meet the needs of our customers.”