Selig Sealing Products Inc., a Forrest-based manufacturer of tamper-evident cap and closure linings for the food, pharmaceutical and personal-care markets, has acquired the Unipac foil and plastic inner-seals division of Illinois Tool Works Inc.
Selig said in an Aug. 5 news release that it closed the deal Aug. 1 for an undisclosed price.
Glenview, Ill.-based ITW had owned Unipac formerly Universal Insulation/Insulec since 1998.
Unipac began manufacturing liner material in 1946. The business has operations in Aurora, Ontario, and Slough, England.
Selig President and Chief Executive Officer Steve Cassidy said Unipac has ``innovative technology, global manufacturing capabilities and [a] strong management team.''
Selig has been owned since 2005 by Behrman Capital, a private equity firm with offices in New York and San Francisco.
For the Unipac acquisition, Selig obtained a $125 million credit facility led by GE Commercial Finance. Madison Capital Funding LLC and BMO Capital Markets Corp. also provided funds for the transaction.