Cleveland private equity firm Resilience Capital Partners has purchased shrink label maker National Label Co. and folded it into its new holding company Lux Global Label Co.
Terms of the deal, which involves Resilience partnering with LBC Credit Partners and The Kennedy Group on financing, were not disclosed.
Resilience said in a news release that it will commit "significant financial capital" to help grow the business, but it declined to say how much. The firm said in the release that it also has formed a team of industry veterans to "strengthen the new company's operations and industry stature."
"The financial and operating investments that Resilience Capital Partners is making will enable the new company to continue operations and meet customer needs, building upon a century of excellence in labeling," said Resilience co-CEO Steven Rosen in a statement.
National Label, which had been family owned since 1914, employs 350 at its Lafayette Hill, Pa., headquarters and at least another 100 more between its plants in Singapore and Puerto Rico, according to Philly.com.
The company reportedly makes 20 billion labels a year, the website reported.
"If you looked at the location of our headquarters, you would say we are an American company," said Ron Cozean, the label maker's new CEO, in a statement. "However, if you looked at the location of our customers — from Europe to the Middle East to Asia — you would see that we are a global company. We have the scale, the distribution and the expertise to be a leader globally, and our job is to get there."
Resilience invests in niche manufacturing and business services companies, targeting platform investments in companies with $25 million to $250 million in revenues. The firm closed its most recent fund, Resilience Capital Fund IV L.P. in January 2016 at $350 million.