Label and flexible packaging maker Smyth Companies LLC has a new private equity owner and is on the lookout for acquisitions.
The Eagan, Minn-based company was purchased by Crestview Partners from Novacap, a Bossard, Quebec-based private equity firm. The firm's founding family and existing management will continue to be investors.
Crestview, based in New York, will now also provide additional money for Smyth to make acquisitions and invest in existing operations.
"Smyth is actively pursuing both tuck-in and transformational acquisitions across the pressure sensitive labels, shrink sleeve, in-mold labels and flexible packaging markets," Crestview said in announcing the deal.
Scott Fisher is CEO of Smyth, which has roll-fed facilities in Boston, Green Bay, Wis., Minneapolis and Phoenix. Sheet-fed locations are in Austin, Minn., and Bedford, Va. The company also has a separate promotional and fulfillment site in Austin, according to the company's website.
"We believe Crestview's highly complementary experience and enthusiastic support of Smyth's acquisition expansion strategy will help us become an even stronger value-added partner to our customers and achieve our full growth potential," Fisher said in a statement.
Novacap invested in Smyth in 2010.
"Our partnership with Smyth exemplifies Novacap's ability to drive long-term value creation through operational improvements and strategic initiatives," said Domenic Mancini, a senior partner at Novacap, in a statement. "We are incredibly proud of the progress achieved by the Smyth team and confident that the company is well-positioned for continued success in the evolving labeling and packaging industry."
Terms of the deal were not disclosed.