NEW YORK — Zemi Investments LP, a New York investment firm, has acquired a controlling interest in Parnaplast Industria de Pl sticos Ltd., a Brazilian producer of flexible plastic packaging.
Terms of the Sept. 18 transaction were not disclosed.
Parnaplast, based near Curitiba, operates 12 monoextrusion and coextrusion high density polyethylene lines for the Brazilian food industry. It recently expanded its 35,000-square-foot facility and will add two more film lines by year-end, giving it capacity of more than 24 million pounds.
``We believe that Parnaplast has enormous potential for rapid and profitable growth as Brazil's food consumption increases with rising incomes and financial stability,'' said Zimi President Alan Stoga.
The firm makes flexible packaging, such as multi- and single-layer films, printed food packaging and grocery and retail store bags.
Parnaplast founder Valmor Zimermann and his family retain a minority interest and run the operation. It has sales of about $20 million and employs 150.
Zimi invests in small and midsize Latin American firms that need access to capital, management or technology to grow.