Huntington Foam LLC, which makes custom shape molded foam and packaging, has a new owner — an equity group led by Millstein & Co.
Huntington Foam is headquartered in Jeannette, Pa., with four production facilities: Greenville, Mich.; Greer, S.C.; and Guadalupe and Ramos Arizpe, Mexico. The company has 165 U.S. employees and 275 more in Mexico.
The company supplies the appliance, automotive and other industries. It is known for shape-molded and fabricated foam made from expanded polystyrene, expanded polypropylene and other resins. Huntington makes protective packaging products, energy absorbing safety materials and temperature controlled containers.
The company was formerly owned by Drum Capital Management LLC of Stamford, Conn. Terms of the deal were not disclosed.
A Millstein official said current Huntington Foam management will remain in place, and some of executives have made an equity investment and are minority stakeholders.
“Under the leadership of Ed Flynn and his management team, Huntington Foam has developed into a leading provider of packaging solutions. We look forward to working with Ed and his team to further advance the company's growth and strategic plan,” said Michael Duran, a partner at Millstein & Co., in a news release.
Flynn added: “The acquisition by Millstein & Co. is the next big step for Huntington Foam. My team and I have worked closely with Millstein & Co. through the process and it has the resources necessary to assist us in achieving our growth objectives.”
Millstein & Co. has offices in New York and Washington. Its private equity group, Millstein Capital, focuses on control-oriented investments and usually partners with the company's executives in making an investment. In May it acquired aluminum and ferrous metal powder company, Metal Powder Products Co. of Westfield, Ind.