Airlite Plastics Co. has made its second acquisition in five months, this time purchasing insulated packaging maker Providence Packaging Inc., dba Kodiakooler, for an undisclosed price.
In an Aug. 3 news release, officials with Omaha, Neb.-based Airlite said that acquiring Kodiakooler expands their firm's industry presence and product line offering of sustainable and innovative packaging for temperature-sensitive products.
Kodiakooler is based in Mooresville, N.C. The 14-year-old firm will continue to be based there and will continue to sell its products under the Kodiakooler brand name, officials said.
Airlite President and CEO Brad Crosby said in the release that the acquisition "allows Airlite to expand its growth in temperature-sensitive products."
"Bob Menzel and his staff [at Kodiakooler] have created a world class business, and together with Airlite, we can offer customers a variety of innovative and sustainable temperature-sensitive products," he added.
Kodiakooler founder Menzel said that his firm and Airlite "share a business culture and passion for developing quality temperature-sensitive products that are both functional and environmentally friendly."
Airlite's product lines include containers and lids for food packaging, drink cups and lids, as well as polystyrene coolers, insulated concrete form building blocks, a permeable paving system and other custom plastic products.
In April, Airlite acquired Stiles Manufacturing LLC. Stiles makes TrueGrid pavers, which are made of recycled high density polyethylene and are an alternative to concrete and asphalt.
MBS Advisors of Florence, Mass., advised Airlite on both the Kodiakooler and Stiles deals.