Specialty films maker Transcendia Inc. has a new owner, an it's a well known Wall Street name.
West Street Capital Partners VII, an investment fund of Goldman Sachs Group Inc., is being called the "new investment partner" for the Franklin Park, Ill.-based firm.
Trancendia CEO Andy Brewer could not be reached for comment June 1, but a merger announcement from the Competition and Consumer Protection Commission in Ireland, which cleared the deal, indicated Goldman Sachs "would acquire the entire issued share capital and thus sole control of Transcendia."
It was four years ago that New York investment firm Jordan Co. acquired what was then known as Transilwrap Co. Inc. The company, which changed its name to Transcendia last year, was put up for sale earlier this year, according to reports.
"Our new partnership will enable Transcendia to build upon and accelerate the company's strategic growth plans," CEO Andy Brewer said in a statement.
Goldman Sachs sees Transcendia as a vehicle for growth.
"Transcendia is in the early stages of its move into attractive growth markets, enabled by the company's unique, value-added capabilities," said Charlie Gailliot, a managing director at Goldman Sachs. He said the financial company looks forward to supporting the film firm's "further investment in customer support technologies, specialty products, and strategic acquisitions."
Transcendia has an 86-year history and has been on a growth spurt in recent years.
"Since 2013 we have made five strategic acquisitions and launched critical new product developments in our targeted growth markets of health care, food and beverage, and anti-corrosion. We significantly added to our material science capabilities, broadened our technological platform, and greatly expanded our geographic footprint," Brewer said in a statement.
Those acquisitions included the specialty films business of Dow Chemical Co. in 2016, Clear Focus Imaging in 2015 and MetPro Group in 2014. It was just earlier this year that the company purchased Marshall Plastic Film.
Transcendia operated eight manufacturing sites at the time of its acquisition by Jordan four years ago. The company now runs 17 manufacturing sites and five distribution centers in North America, Europe and Africa.
Transcendia was ranked 25th in the most recent Plastics News list of North America's largest film and sheet makers with estimated sales of $335 million.