One of the nation's largest thermoformers is taking on a private equity partner in a move the company said will help accelerate growth.
Anchor Packaging LLC, based in St. Louis, said June 26 that The Jordan Co. is taking an unspecified stake in the family-owned firm.
The Hermann family, which has owned the company for 56 years, will retain an ownership stake, the company said.
Anchor is ranked No. 9 on the latest Plastics News list of largest thermoformers in North America, with sales of $350 million in 2017. That's up from $315 million the year before.
Anchor said the company has been able to triple sales during the past 15 years through organic growth. The influx of capital from the investment firm will help fuel additional growth.
"Now we are talking about transformative growth — broadening our geographic reach through additional manufacturing facilities, new and complementary product lines to better serve our customers and new materials to offer our customers," Anchor CEO Jeffrey Wolff said in a statement.
The company's operations currently are concentrated in Arkansas with an additional location in Argentina, according to Anchor's website.
Anchor uses polypropylene, polystyrene, polyethylene and PET to make packaging for food, consumer, household care, and agricultural products. The company also makes cups and lids.
"Anchor has been, and continues to be, a family business" Chairman Robert Hermann Jr. said in a statement. "We are excited to partner with The Jordan Co. to help fuel Anchor's continued growth and increase our trajectory. The Jordan Co. possesses many of the same values, ethics, and long-term orientation that has been a hallmark of Anchor."
Terms of the deal, expected to close in July, where not released.
"We plan to invest further in the business to support organic growth and continued new product development", said Mike Denvir, a partner at Jordan, in a statement.
Jordan lists 30 current investments on its website, including American Freight, a discount furniture retailer and Bojangles' restaurant chain.