Wisconsin Film & Bag Inc. has a new majority owner that will help the firm grow through an infusion of capital.
Marquette Capital Partners of Minneapolis, along with an investor group, has acquired Wisconsin Film of Shawano, Wis., for undisclosed terms. The deal closed Oct. 3.
``We're committed to supporting this team as they continue to grow and develop their business,'' Marquette President Tom Jenkins said in a news release.
Wisconsin Film plans to expand and could install equipment as soon as next fall, according to Wisconsin Film Chief Operating Officer Jim Feeney.
The company probably will add two to four blown film extruders, and more plant space within a few years, Feeney said in a telephone interview.
The firm employs 112 and runs 11 blown film lines, mainly for polyethylene film and bags sold into industrial, institutional and food processing markets. Feeney did not disclose sales, which he said have tripled since 1993.
Feeney will replace Wisconsin Film President Jack Riopelle in that post. Riopelle is retiring after 14 years as president but will remain a Wisconsin Film director. He said he will continue to be active in Washington-based Society of the Plastics Industry Inc., where he has a seat on the board and chairs SPI's Film and Bag Federation.
Other Wisconsin Film management will remain unchanged, according to Feeney.
Marquette's co-investors include Wisconsin Film management and two private equity groups: Philadelphia-based Argosy Partners and First Capital Partners of Omaha, Nebraska. Blaige & Co. of Chicago advised Wisconsin Film in the transaction.
``Marquette was chosen as an ideal partner due to its interest in growing the business as well as geographic and professional ties consistent with those of [Wisconsin Film],'' said Blaige & Co. Chief Executive Officer Tom Blaige, in a news release.
Marquette is an affiliate of Carl R. Pohlad family holdings, whose diverse portfolio includes ownership of the Minnesota Twins baseball team.