Minneapolis — Private equity firm Spell Capital Partners has purchased a stake in Deacro Industries Ltd., a film converting equipment maker in Mississauga, Ontario.
Deacro, which has been in business for 37 years, manufactures slitting and rewinding machinery. That longevity and the company's “fantastic” product line makes it a good fit for Minneapolis-based Spell Capital, which has experience in the capital equipment segment, according to President Bill Spell.
“Additionally, the converting/flexible packaging industry is growing and Deacro's machines are critical components to any expansion plans,” Spell said.
Terms of the deal, which closed Oct. 31, were not disclosed. Spell Capital will continue to operate Deacro out of its current manufacturing facility.