S. Walter Packaging Corp. has sold its Speci-Gard Medical division to Inteplast Group Ltd. for an undisclosed price.
S. Walter had operated Speci-Gard as a unit of Uniflex Holdings Inc. based in Hauppage, N.Y.
Speci-Gard makes specimen bags and other types of leak-proof flexible packaging. Its products are designed for the transportation of medical materials.
The unit has been a leader in that market since the mid-1980s, officials with Philadelphia-based S. Walter said in a May 3 news release.
Inteplast, based in Livingston, N.J., is a unit of Formosa Plastics Group. Its products include biaxially oriented polypropylene, stretch and cross-laminated films; grocery, merchandise and garment bags; and trash-can liners.
Officials at S. Walter — a maker of retail packaging — decided to sell Speci-Gard after determining it was no longer a strategic fit, according to the release.
Financial firm Blaige & Co. of Chicago advised S. Walter and Brynwood Partners — the Greenwich, Conn.-based private equity firm that owns S. Walter — on the acquisition.
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