Two plastic foam manufacturers with multiple North American plants are uniting under one umbrella.
Rosemont, Ill.-based private equity company Wynnchurch Capital LP announced Dec. 29 that it has purchased Huntington Foam LLC and is combining the business with Drew Foam Cos. Inc., a company that Wynnchurch bought on Nov. 9.
"Huntington is highly regarded across the industry as a market leader in providing custom foam fabricating solutions to a wide range of end markets," Frank Hayes, managing partner at Wynnchurch, said in a news release. "The partnership between Huntington and Drew will drive significant benefits for their respective customer bases."
Wynnchurch bought Greer, S.C.-based Huntington from Mill Point Capital, a private equity firm that has owned Huntington since 2016. Terms of the deal were not disclosed.
Under Mill Point's wing, Huntington made several acquisitions, including TrimTec Systems Ltd. of Grove City, Ohio, in 2018; the assets of Radford, Va.-based Radva Corp. in 2019; and Texas Foam of Bastrop, Texas, in 2019. Huntington currently has seven plants. In addition to Greer, Grove City and Radford, it has locations in Greenville, Mich.; and two plants in Mexico: one near Mexico City and one near Saltillo.
Huntington makes custom shape-molded and fabricated foam using expanded polystyrene, expanded polypropylene and PS/polyethylene copolymer resins. Key end markets include appliance, cold chain, automotive and building products.
Drew Foam, meanwhile, changed hands less than two months ago, when Wynnchurch bought the company from private equity firm Branford Castle Partners LP.
Monticello, Ark.-based Drew Foam was founded in 1965 and specializes in molding and fabricating quick-turnaround expanded PS foam products. Its products include packaging, roof and wall insulation, architectural shapes, geofoam and other construction products.
Drew Foam has plants in Monticello; Portland, Tenn.; Anderson, S.C.; and Cave Spring, Ga. Prior to Wynnchurch, Branford Castle owned the company for two years. Prior to that, Gladstone Investment Corp. owned Drew Foam for six years.
In a news release, Wynnchurch said it is actively looking for acquisition opportunities. Its other holdings include one plastics company: high density PE pipe maker Infra Pipe Solutions Ltd. of Mississauga, Ontario.
Mill Point Capital had announced the sale of Huntington Foam on Dec. 15, but at the time did not disclose the identity of the buyer.
"We are very proud of what we accomplished together with the Huntington team over the last few years," Dustin Smith, a partner at Mill Point Capital, said in a news release. "Since the initial transaction in 2016, Huntington has evolved into a leading player in the foam packaging industry and is poised to benefit from continued strong trends in cold chain packaging."