Spara regains control of former TriEnda thermoforming operations

By Frank Esposito
Senior Staff Reporter

Published: April 23, 2013 3:29 pm ET
Updated: April 23, 2013 3:32 pm ET

Related to this story

Topics Mergers & Acquisitions, Packaging, Pallets, Thermoforming

PORTAGE, WIS. — Officials with Spara LLC say they have regained control of Lexington Logistics, a Wisconsin-based thermoformer that previously operated as TriEnda LLC.

In an April 23 news release, Lexington, Ky.-based Spara said that it "has immediately deployed a management team to assess and stabilize" Lexington Logistics, a 150-employee firm based in Portage, Wis. The release adds that Spara is collaborating with Fifth Third Bank, and that Mike Ceming has resigned as president of Lexington Logistics.

In November, financial firm Boston Finance Group of Clearwater, Fla., had removed five TriEnda executives and placed chief executive officer Curt Zamec on a leave of absence because of an unpaid loan. Spara had used the loan — which, according to court records, was for $6.7 million — to buy TriEnda in a foreclosure sale in June 2011.

In November, Boston Finance general counsel Jonathan Golden told Plastics News that Spara had not paid on the loan and that his firm "elected to exercise its lender remedies by exercising its voting rights" that were spelled out in the loan agreement.

"The action, we never would have taken, if Spara had just paid its loan," Golden said at the time. "If Spara had paid any amount, or worked out any sort of payment plan with us."

Golden could not be reached for comment on April 23. Spara officials had yet to respond to questions e-mailed to them by Plastics News. When Boston Finance took over Lexington Logistics in November, Golden and four other Boston Finance officials were installed as management.

At the time, Boston Finance's John Fernando was listed as the new president of Lexington Logistics. It is not clear when Ceming took over that role.

Lexington Logistics ranked as North America's 29th largest thermoformer in a recent Plastics News ranking. The firm's annual sales were estimated at $55 million.

According to the Spara release, Lexington Logistics occupies a 273,000-square-foot plant in Portage and specializes in the design and manufacture of heavy-gauge, single-sheet and twin-sheet plastic thermoformed products.


Comments

Spara regains control of former TriEnda thermoforming operations

By Frank Esposito
Senior Staff Reporter

Published: April 23, 2013 3:29 pm ET
Updated: April 23, 2013 3:32 pm ET

Post Your Comments


Back to story


More stories

Image

RPC Group buying Iceland's Promens

November 27, 2014 8:46 am ET

In a major acquisition that combines two rigid packaging companies with international footprints, RPC Group plc has signed a 399 million euro ($497...    More

Image

Huhtamäki selling film division

November 26, 2014 2:10 pm ET

Private equity firm Deutsche Beteiligungs AG (DBAG) will acquire the film business of Finland-based plastics packaging group Huhtamäki Oyj for 141...    More

Image

Visteon in talks to sell its stake in Halla Visteon Climate Control JV

November 26, 2014 9:07 am ET

Visteon Corp. confirmed this morning that it is in discussions with a private equity firm to sell its stake in South Korean joint venture Halla...    More

Image

Irish packaging group Smurfit Kappa opens film plant in Spain

November 26, 2014 6:00 am ET

Global packaging group Smurfit Kappa Group plc has responded to growing demand for its bag-in-box liquid container/dispensers by opening a new plant...    More

Image

Deal adds U.K. plant to DelStar

November 25, 2014 12:47 pm ET

Schweitzer-Mauduit International Inc. (SWM) is acquiring certain assets from the advanced wound management division of London-based Smith & Nephew plc...    More

Market Reports

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events