Injection molder Cosmetic Specialties Inc. of Oxnard, Calif., is under new ownership.
Private equity investment firm Asparron Capital LLC of North Richland Hills, Texas, said Jan. 19 that it has acquired the jars and closures assets of Cosmetic Specialties from packaging manufacturer Cosmolab of Lewisburg, Tenn., and has formed a new company, Cosmetic Specialties International LLC.
David Paneiko, Cosmetic Specialties' executive vice president and chief financial officer, said Asparron will provide the injection molder with funding and resources that it can use for component design and engineering, rapid tooling and energy-efficient technologies.
Asparron CEO William Gedwed said the new investors will move Cosmetic Specialties into the forefront of sustainable packaging.
The deal was finalized Oct. 22. Terms were not disclosed.
Cosmetic Specialties' products include double-wall jars molded in polypropylene (inner and outer walls), and polystyrene or styrene acrylonitrile (outer wall). The firm also offers single-wall PP jars and a thick-wall, round-base jar in glycol-modified PET.
Founded in 1978, Cosmetic Specialties also claims to be the first plastic injection molder for the North American cosmetics, skin-care and personal-care industries to provide bio-based and biodegradable jars made from Mirel bioplastics supplied by Telles of Lowell, Mass.
Cosmolab, a former business unit of Atlanta-based Newell Rubbermaid Inc., and Cosmetic Specialties in 2003 were joined as part of an acquisition engineered by Specialty Packaging Holdings Inc., a portfolio company of private equity firm Oryx Capital International Inc. of Lake Forest, Ill.
Cosmolab still does some injection molding for in-house parts, but the jars and closures business was its major plastics-related asset, operations Vice President Frankie Pourron said in a Jan. 19 phone call.
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