A private merchant banking company acquired Uniplast Industries Inc. for more than $50 million on April 30.
Perry Equity Investors Inc. of Dallas views the Canada-based plastic film processor as a platform for further acquisitions of companies capable of specialty film applications. Over three to five years, Perry Equity wants to build an organization with total sales of $300 million to $500 million.
``Our objective is to provide film to end users and converters'' for packaging and industrial uses, Andrew J. Smith, managing director of Perry Equity, said by telephone.
``We will do film only,'' unlike some suppliers that also convert film, Smith said.
Smith and Geff Perera, both former officials of Dallas-based Rexene Corp., will have executive officer and board-level, but no day-to-day, responsibilities at Uniplast.
William Swinimer remains chief executive officer of Uniplast, based in Orillia, Ontario. Swinimer founded the firm in 1984.
``We've had fast growth'' and envision that Perry's financial resources will enhance the growth, Swinimer said in a telephone interview.
Perry Equity purchased Uniplast from Swinimer, members of the Uniplast management team and 57-percent-owner Trimin Enterprises Inc. of Toronto.
``We bought the whole company and let management buy back 12 percent,'' Smith said. That is ``the only way to get as many managers'' as possible to participate in Uniplast's development.
Uniplast employs 280, had 1997 sales of $72.5 million and has annual resin-throughput capacity of more than 123 million pounds on 54 film lines, processing polyethylene, Surlyn, heat-sealable polyester, multilayer structures and some polypropylene.
The company has seven plants: two each in Orillia and Palmer, Mass.; plus single plants in Nasonville, R.I.; Jacksonville, Fla., and Columbus, Ind.
Smith believes another 25 million-40 million pounds of throughput can be added to Uniplast's current asset base.
Perry Equity Investors is the strategic capital affiliate of Perry Corp. of New York, a money management firm with more than $2 billion in assets. The Dallas office may employ 7-10 persons by year-end, Smith said.
Smith is now chairman of Uniplast's board. He joined Rexene in 1976 and was chairman and chief executive officer from 1988-1997.
Perera was Rexene's chief financial officer, joining the firm in 1988.
A Huntsman Corp. unit acquired Rexene and its CT Film division on Aug. 27 for about $600 million.