An Illinois-based blow molder that specializes in making containers for flammable liquids has a new private equity owner.
New York-based Argand Partners LP announced March 3 that it has purchased Midwest Can Co. and Container Specialties Inc., sister companies based in Franklin Park, Ill., that do business as Midwest Can. Terms were not disclosed.
The seller is GenNx360 Capital Partners, a New York-based private equity firm that has owned Midwest Can since January 2017.
Midwest Can has estimated blow molding sales of $23 million, according to the most recent Plastics News ranking. The company has 13 blow molding machines at its 200,000-square-foot Franklin Park plant, according to the ranking.
According to Argand Partners, Midwest Can has more than 100 employees.
The firm was founded in 1951 and makes portable fuel containers for gasoline, diesel fuel and kerosene. The Container Specialties division also blow molds containers for the food, automotive, chemical and agriculture industries.
In a news release, Midwest Can CEO Jerry Burris said the company has invested in the business and launched its proprietary FlameShield Safety System products in the past three years.
Plastic gasoline cans have been the target of lawsuits from accidents that occur when flammable gas vapors ignite, triggering an explosion. Midwest Can's FlameShield system includes a vapor locking spout and an internal flame mitigation device to reduce the chance of accidental fires.
"We are excited to partner with Argand during our next phase of growth as we continue to add more products to our lineup that will complement our industry leading standard PFC offering," Burris said.