Greer, S.C.-based Huntington Foam LLC will acquire the assets of Radford, Va.-based Radva Corp. to expand its reach in the region and its product offering of thermally protected packaging.
Founded in 1962, Radva is a privately held company that makes protective and temperature-sensitive foam packaging for the medical, pharmaceutical, food, automotive, electronics and other industries. Customers range from start-up companies to Fortune 500 companies, such as HP, Canon, American Woodmark, Mitsubishi and Delphi, according to the Radva website.
Huntington Foam, which does business as Huntington Solutions, produces custom expanded polystyrene (EPS) and expanded polypropylene (EPP) molded foam for automotive, appliance and other customers needing protective packaging, energy-absorbing safety materials and temperature-controlled containers. The company has five facilities in South Carolina, Michigan, Ohio and Mexico, where it has two sites.
"We are extremely enthusiastic about the acquisition of Radva, which will further our reach in the Mid-Atlantic region and bolster our ability to serve customers. Radva brings a distinct expertise in the cold chain market, providing highly-engineered, temperature-sensitive solutions to its customers," Ed Flynn, president of Huntington Solutions, said in a news release.
No details were given about what assets will be acquired in the transaction, which is expected to close in the second quarter. Radva operates out of 100,000 square feet of manufacturing and warehouse space in Virginia with multiple molding presses, a tool and die shop and fabrication and thermoforming capabilities.
Radva has a history of innovation and state-of-the-art production, according to Huntington officials, and had recently expanded its advanced manufacturing facilities. In addition to thermally protected packaging, Radva designs and produces EPS and inter-polymers, such as Arcel, for packaging, material handling and component parts.
"With the Radva acquisition, Huntington achieves another important objective of its strategic plan. This transaction exemplifies Huntington's steadfast focus on making significant investments to benefit our customers," Scott Martin, chairman of Huntington Solutions, said in the release.
Radva will benefit from the deal in terms of capabilities and markets, according to Radva President Stephen Dickens.
"We are excited to join the Huntington organization, which shares our culture of high quality and customer service along with a commitment to reducing environmental impact," Dickens said in the release. "As part of Huntington, we will be able to offer our customers a wider range of capabilities and expanded reach and services in different markets."
Radva is one of the biggest recyclers of EPS and foam packaging in the U.S., according to its website. The company says it recycles all of its excess material and has complete EPS recycling technology, including state-of-the-art grinders, dedusters and mixing/metering units at its production facility.
For the acquisition, Brightwood Capital Advisors LLC is representing Huntington, which is a portfolio company of New York-based Mill Point Capital.