A New York City-based private equity firm has acquired Oliver Packaging and Equipment Co., a Walker, Mich.-based maker of food packaging systems and bakery equipment.
The deal fits with Monomoy Capital Partners' experience in the packaging sector. Oliver Packaging will continue operating with the existing management team, including CEO Mitch Summerfield.
"Monomoy's operational value-add in similar businesses and experience in packaging represent a differentiated opportunity to grow Oliver as an independent platform," Summerfield said in an statement. "This partnership adds valuable resources that will allow us to achieve our growth initiatives while maintaining a steadfast commitment to our existing customers."
The 130-year-old company produces heat seal food packaging systems and bakery equipment, including bread-slicing machines that it has sold for more than nine decades.
It also produces CPET plastic and compostable fiber meal trays and film, with an emphasis on food service end markets. Oliver has clients across North America in the senior meal, education and grocery markets.
Terms of the deal were undisclosed. Dechert LLP served as legal counsel to Oliver Packaging and Equipment and TD Cowen was financial adviser. Kirkland and Ellis LLP served legal counsel Mesirow Investment Banking served as exclusive financial advisor for Monomoy Capital Partners.
Monomoymakes equity and debt investments in middle-market industrial and consumer businesses. The firm has more than $5 billion in assets under management across investment funds. Its other holdings include Thetford Corp., an injection molder of toilet seats and other sanitary products for the RV market.
"Oliver is a clear market leader with a unique customer value proposition and tremendous growth potential. We look forward to working with the management team to ensure Oliver continues to accelerate its growth as a standalone platform," Monomoy Managing Director Mel Bartoul said in a statement.
Oliver previously was a portfolio company of Berwind Corp., a family-owned investment management company that acquired it in 2012 from private equity firm Mason Wells, which led a management buyout in 2007.