Protective packaging maker Altor Solutions Inc. is furthering its acquisition strategy by purchasing Foam Concepts Inc. of Uxbridge, Mass. The deal, for undisclosed terms, closed Feb. 1.
Foam Concepts makes expanded polystyrene foam products such as insulated concrete forms for construction, and protective packaging, including insulated containers, for perishables. It also makes products for the temperature-controlled supply chain and health care markets at its 120,000-square-foot plant. The company said it reuses EPS foam collected from the community.
Scottsdale, Ariz.-based Altor said the acquisition strengthens its position in packaging and related components.
"Foam Concepts is a natural, complementary fit for Altor, as we continue to pursue our consolidation strategy," Altor CEO James Hughes said in a Feb. 2 news release.
Florence, Mass.-based Molding Business Services Inc., dba MBS Advisors, represented Foam Concepts in the transaction.
With Foam Concept's plant, Altor will operate 19 manufacturing facilities across the United States. In the fall, Altor acquired Plymouth Foam LLC, a protective packaging maker, and both of its manufacturing sites for $56 million.
Plymouth's plants in Plymouth, Wis., and Gnadenhutten, Ohio, make products of EPS and expanded polypropylene. Plymouth gave Altor cold-chain capability and access to customers in markets including construction, food and beverage, recreational vehicles and pharmaceuticals.
Altor was formed as a parent company for Foam Fabricators Inc. of Scottsdale; Polyfoam LLC of Northbridge, Mass.; and paperboard manufacturer Rational Packaging LLC of Springfield, Tenn. Altor is a subsidiary of Compass Diversified Holdings of Westport, Conn.
Compass Diversified is the majority owner of 10 middle-market companies making everything from fine jewelry and baby strollers to circuit boards and sporting equipment.