Fredman Bag Co. owner Tim Fredman has known for years the time could eventually come when he would sell the company.
That time is now.
Fredman Bag, a maker of flexible packaging based in Milwaukee, is being sold to Summit Plastics Inc. in a move that further expands Summit's product offerings and geographic presence.
Summit, based in Summit, Miss., and owned by LongueVue Capital, has now made three deals since the private equity firm purchased the company in 2020. They include the acquisition of ClearView Packaging of Albany, N.Y., in 2021.
"Partnering with Summit and ClearView will enhance our ability to support our employees, customers and suppliers," Fredman said in a statement. "We have known and respected the ClearView family for decades, and our employees are excited for the growth and opportunity as part of a larger platform."
Selling Fredman Bag, which has been in the family for five generations, has been on Tim Fredman's mind for years. Fredman could not be reached for comment Jan. 19, the day the deal was announced. But a 2016 Plastics News story about the company mentioned that possibility, since there was no clear successor to run the company for a sixth generation.
"The key to our partnership decision was people and culture, and we found a great fit in LVC, Summit and ClearView. We look forward to working together," Fredman said.
Fredman operates out of a 50,000-square-foot location with both printing and converting capabilities.
"Fredman and ClearView are very similar. However, Fredman adds new capabilities that complement our current product offerings. We are also both multi-generational family businesses with a strong focus on our culture and employee base. This is an exciting partnership for Summit and will add tremendous value to our customers," ClearView Packaging President Todd Romer said in a statement.
"This transaction further expands our market reach and adds to our product capabilities," Summit Chairman Tom Nathanson said in a statement.
Fredman Bag began in 1889 when Abraham Fredman began trading and reselling used burlap sacks to feed mills. The company eventually started making its own textile bags and in early 1970s ventured into plastic bag and flexible packaging manufacturing.
"Fredman's multi-generational history and strong reputation is a significant addition to our Summit platform. We look forward to helping maximize the potential of the combined Summit, ClearView and Fredman entity," LongueVue Capital Managing Partner Ryan Nagim said in a statement. "The acquisition of Fredman is a great development for Summit."