Packaging firm Salerno Plastics Corp. of ChÃ¢teauguay has been sold to a group of five managers with backing from Solidarity Fund QFL and Capital Régional et Coopératif Desjardins, both of Quebec.
Salerno had been owned since 1997 by private equity fund Pegasus Capital Advisors LP of New York. The management owners will include Salerno President Kurt Strater and Roger Sullivan, executive vice president of sales and marketing, Sullivan said in an Aug. 7 telephone interview.
Sullivan said Salerno wants to boost its market shares including building and construction. With its three-layer blown film capabilities, the firm also serves horticulture, salt and chemicals customers.
The past four years have been particularly solid for Salerno, which doubled its sales in that period, Sullivan said. At facilities in Plattsburgh, N.Y., and ChÃ¢teauguay, the firm employs 250. It has been investing in equipment during the past few years.
``With some of the things we're doing, we'll be adding employees in both locations,'' Sullivan said.
Solidarity Fund QFL is a development capital company that invests the savings of Quebec's citizens. Capital Régional et Coopératif Desjardins is publicly traded and managed by Desjardins Venture Capital, based in Montreal.