By: Jessica Holbrook
November 2, 2012
HARTVILLE, S.C. (Nov. 2, 2:30 p.m. ET) — Plastic bag manufacturer Hilex Poly Co. LLC has been acquired by Wind Point Partners, a Chicago-based private equity firm, in a deal announced Nov. 2.
Wind Point purchased the Hartville-based company from TPG Growth, an arm of investment firm TPG Capital, for an undisclosed amount.
Hilex is the largest manufacturer of plastic bags in North America and runs the country’s largest plastic bag-recycling operation. The company makes a variety of bags and films for grocery, retail and good service operations, including bags with post-consumer recycled resin.
Wind Point plans to accelerate the company’s growth by introducing new products and completing complementary acquisitions, according to a news release.
Hilex did not respond to requests for comment by press time.
Wind Point acquired the company in partnership with Hilex CEO Stan Bikulege. The board of directors also includes manufacturing giants Mike Fitzpatrick, former CEO of Citadel Plastics and Rohm & Haas; Mike Riordan, former CEO of Fort Howard; Steve Hochhauser, former CEO of Johns Manville and Steve Humphrey, former CEO of Graphic Packaging.
Wind Point sold Citadel to private equity firm Huntsman Gay Global Capital LLC earlier this year. Under Wind Point’s four-year ownership, Citadel acquired six plastics material firms.
Hilex was no. 19 in Plastics News’ most recent ranking of film and sheet manufacturers. The company had sales of $470 million in 2011.
It was purchased by TPG in 2009 after emerging from prepackaged Chapter 11 bankruptcy.
GE Antares, a unit of GE Capital, Fifth Third Bank, Bank of Montreal and KeyBanc provided senior debt for Wind Point’s purchase. DLA Piper LLP acted as the legal advisor to Wind Point.