Ownership is changing at Comar LLC, but management will continue to have a stake in the maker of plastics packaging for the health care market.
Investment firm Graham Partners Inc. is cashing out its stake in the Voorhees, N.J.-based blow molder and injection molder after nearly five years, selling its portion to Morgan Stanley Capital Partners.
MSCP is joining with several members of Comar management and other investors to purchase Graham Partner's interest.
Graham Partners became an investor in Comar in October 2013 when the family business sought outside financial help to expand.
Michael Ruggieri, as he did when Graham Partners came on board some five years ago, will remain CEO of Comar.
“Over the past several years we have made strategic investments to enhance our ability to deliver exceptional quality, service, and value driven creative solutions,” Ruggieri said in a news release. He could not be reached for comment June. 20.
Eric Kanter is managing director at MSCP and sees future growth for Comar.
“We look forward to supporting the talented management team during the coming years of organic and acquisition-fueled growth as the company executes its strategy to develop increasing exposure to medical/drug delivery products,” Kanter said in the release.
MSCP is a unit of Morgan Stanley Investment Management, a middle-market private equity firm.
Key markets for Comar's plastics packaging include medical, pharmaceutical, health care, personal and home care, food and beverage, and niche applications. Products include bottles, dosage cups and spoons, dropper assemblies, oral syringes, closures, tips and adapters, and total dispensing systems. These dispensing systems, for example, can include bottles, fitments and caps.
Comar ranked No. 23 in the most recent Plastics News survey of North American blow molders, with sales of $115 million.
Graham Partners is an investment firm based in suburban Philadelphia that was founded by plastics industry legend Donald Graham.
The firm, these days, has a wide variety of investments outside of plastics, but recently made investments in two thermoformed packaging companies, EasyPak LLC and Tray-Pak Corp.