Private equity firm Norwest Equity Partners of Minneapolis has acquired packaging thermoformer Duni Corp., a move that will act as a potential platform for more acquisitions.
Duni Corp. of Atlanta operates one thermoforming plant in Thomaston, Ga., where it makes products for food-service and retail markets. It had been owned by Duni AB of MalmÃ¶, Sweden, which is divesting it to focus on its in-flight catering business and European operations.
Duni will keep its current management, including Mikael Nordin as its chief executive officer. Paper and plastic industry veteran Nicholas Clementi is a co-investor and has been named chairman of Duni. Norwest managing partner Timothy DeVries and principal Dorian Faust also have been named to the Duni board.
In a news release, DeVries said: ``Duni is a terrific business with strong market share of niche markets and real organic growth opportunities. Further, we believe that the company can accelerate its growth if combined with complementary plastic packaging and paper converting companies, which we will be actively seeking to partner with or acquire.''
In Plastics News' 2006 ranking of North American thermoformers, Duni had an estimated $42 million in thermoforming sales with six lines and 150 employees. The company also has a paper tableware plant in Menomonee Falls, Wis.