Altor Solutions Inc. is buying Plymouth Foam LLC, a protective packaging maker, in a $56 million deal.
The move expands Altor's geographic reach and adds both design and cold chain sector capabilities, the company said.
Plymouth Foam, based in Plymouth, Wis., also broadens Altor's customer base to include food and beverage, pharmaceuticals, recreational vehicles and construction.
The acquired company has manufacturing sites in Plymouth and Gnadenhutten, Ohio, that use both expanded polystyrene and expanded polypropylene.
"We believe that the acquisition of Plymouth, with its wide array of high-value, highly-engineered products, further expands our business and capabilities. With access to Plymouth's diversified client base, two well-placed manufacturing facilities, complementary expertise and talented team, we are confident we will significantly expand Altor and Plymouth's combined reach throughout the country," Altor CEO James Hughes said in a statement.
Altor is a subsidiary of Compass Diversified, a publicly traded company that holds controlling interest in middle-market business. Compass Diversified's current portfolio of 10 companies includes the Sterno, the well-known maker canned fuel for keeping food warm.