Sabert Corp. is buying Mullinix Packages Inc., which has been owned by a private equity firm for nearly five years.
Fort Wayne, Ind.-based Mullinix extrudes and thermoforms food packaging using a variety of plastics. The company has been owned by investment firm Mason Wells of Milwaukee since December 2011.
“During that time, we made substantial investments in equipment and technology that enabled the company to achieve volume growth of over 50 percent and substantial margin gains under the leadership of an incredibly talented management team,” said Tom Smith, executive managing director of Mason Wells, in a statement.
Sayreville, N.J.-based Sabert, which describes itself as a global food packaging company, said Mullinix makes packaging from polypropylene, amorphous and crystalline PET, polylactic acid and barrier materials.
“Mullinix has an experienced and talented team with superior technical capabilities. Their market-leading positon with food processors combined with Sabert's product offerings, global presence and resources will allow the new organization to deliver even greater value to the market,” Sabert CEO Albert Salama said in a statement.
Mason Wells bought Mullinix in late 2011 following the death of company founder George Leuken earlier that year.
The deal for Mullinix follows Sabert's acquisition of Kalman Packaging Inc., a maker of plastic hinged food packaging for bakeries and supermarkets in Graham, N.C., earlier this year.
Sabert said Mullinix's product line includes a mix of custom and stock offerings for the food service and food processor markets. They include hinged containers, deli containers, microwavable and ovenable trays, drink cups, sleeved cups and trays for case ready and prepared foods.
Adding Mullinix brings Sabert's annual sales to more than $500 million, the company said. Mullinix, according to Plastics News' most recent list of North America's largest thermoformers, had sales of $125 million last year and ranked 19th.
Sabert also has locations in Riverside, Calif.; Louisville, Ky.; Sayreville; Nivelles, Belgium; and Zhongshan, China.
In plastics, Mason Wells currently has investments in MGS Mfg. Group and Nelipak Corp.. Previous plastic packaging investments include Charter NEX Films Inc., Coating Excellence International LLC and Oliver Products Co.