Mount Kisco, N.Y.-based private equity firm Kohlberg & Co. LLC acquired Cranston, R.I.-based Nelipak Corp., which does business as Nelipak Healthcare Packaging, from Milwaukee-based private equity firm Mason Wells.
In business for 60 years, Nelipak develops and manufactures thermoformed rigid packaging products to protect Class II and Class III medical devices and pharmaceuticals as well as trays for surgical procedures, such as orthopedic and cardiac implants, and handling drugs, such as auto-injectors, pre-filled syringes and vaccines.
The acquired company will continue to operate as Nelipak Healthcare Packaging as Kohlberg officials commit to investing to strengthen it.
"Nelipak has successfully transformed itself into a leading global player in healthcare packaging and an ideal platform for further industry consolidation," Seth H. Hollander, a Kohlberg partner said in a news release. "Our plans include leveraging [CEO Mike Kelly] and his team, and their customer relationships, with sizeable, global acquisitions."
Nelipak employs more than 800 people at seven production sites in Cranston; Whitehall, Pa.; Phoenix; Humacao, Puerto Rico; San Jose, Costa Rica; Galway, Ireland; and Venray, the Netherlands.
Jay Radtke, senior managing director of Mason Wells, said in another release that the firm helped transform Nelipak from a corporate division within Sealed Air Corp. to a leading global healthcare packaging company.
"Back in 2013, the company was primarily European focused," Radtke said. "Over the last six years, we have hired a world-class management team led by Kelly, launched the Nelipak Healthcare Packaging brand, completed three acquisitions to significantly increase Nelipak's U.S. market presence, and built a global ... culture that has really resonated with customers. The company has a lot of momentum and the best is yet to come for Nelipak under Kohlberg ownership."
Kelly said the transition to Kohlberg ownership "at this point in our evolution will allow us to offer an even wider breadth of exciting packaging solutions for current and future customers."
With an estimated $90 million in sales, Nelipak Healthcare Packaging ranks No. 25 among North American thermoformers, according to Plastic News' latest ranking.