Licaplast Industries Emballages Inc., a flexible packaging firm in Quebec, has new owners.
Charter Oak Private Equity LP is joining with Fonds de solidarité FTQ to acquire the Saint-Laurent, Quebec-based firm. Management also is part of the purchase.
Licaplast describes itself as a vertically integrated maker of flexible plastic packaging. Products include shrink film, laminated roll stock and pouches. The company serves the food and beverage markets in the United States and Canada.
Charter Oak, a Westport, Conn.-based private equity firm, wants to use Licaplast as a keystone for its growth in the flexible packaging sector. "We are excited about this platform investment and will be actively looking for add-ons in this space," said Managing Partner Paul Roughan, in a statement.
Licaplast, founded in 1988, recently doubled production capacity.
Fonds is a publicly traded organization with a mission to invest in Quebec businesses to help spur economic development.