Breck Partners LLC, a Dallas private equity company, has completed its purchase of tray maker NPX One from Atlas Holdings LLC.
The companies announced the transaction May 2. Financial details were not disclosed.
Reading, Pa.-based NPX One manufactures expanded polystyrene foam food-packaging trays for meat, seafood and poultry. Its two plants, in Reading and Indianapolis, employ about 500.
"This new partnership will help position us for continued innovation, NPX One CEO Rudy Cuellar said in a news release. NPX One and Breck "share a strategic vision for growth" that will bolster NPX One's position in food packaging, he added.
Breck, launched in 2019, focuses on platforms with revenues of $75 million to $250 million and enterprise values of $50 million to more than $100 million. The company lists its current holdings as Alloy Wheel Repair Specialists of Norcross, Ga., and Essential Cabinetry Group of Simpsonville, S.C.
NPX One had been owned by Atlas Holdings since 2015, when Atlas bought Sealed Air Corp.'s North American foam trays and absorbent pads businesses. Atlas sold the absorbent pads business in 2020.
Atlas, based in Greenwich, Conn., said it has grown NPX One's customer base to more than 140 food packing distributors, supermarkets and food processors.
Atlas and its affiliates own and operate 25 companies involved in industries including construction, automotive, printing, supply chain management, metals, paper and wood. They operate some 350 facilities globally with more than 50,000 employees.
Together, the Atlas companies produce annual revenues of about $16 billion.