WILKESBORO, N.C. (May 16, 3:35 p.m. ET) — Flexible packaging convertor Interflex Group Inc. has been purchased by private equity firm Nicolet Capital Partners LLC of Chicago.
Terms of the deal were not disclosed. Interflex was previously by Red Diamond Capital Inc., a private equity firm based in New York.
Interflex, based in Wilkesboro, N.C., manufactures products for a variety of markets including pet food, meat snacks, baked goods and health and beauty items. The company says it has annual sales of more than $100 million.
Interflex operates five plants in the United States and the United Kingdom. Every facility offers flexographic printing, as well as coating, laminating, and value-added pouch and bag making, according to a May 16 news release.
Nicolet said it plans to grow Interflex through acquisitions, invest in new equipment and resources, and support ongoing efforts to develop new converting technology and manufacturing capabilities.
Stephen Doyle will remain the major shareholder and CEO of Interflex.
Lincoln International LLC of Chicago Red Diamond Capital Inc. advised Interflex on the transaction.