Raven Engineered Films has a new owner just months after being put on the market when it was acquired as part of a larger acquisition.
The Sioux Falls, S.D.-based polymer film and sheeting company is being purchased by Industrial Opportunity Partners from CNH Industrial NV, the company behind well known farm brands Case and New Holland.
CNH bought the films business as part of a larger deal for Raven Industries Inc. as it was attracted to the company's technology to operate equipment autonomously.
The company's engineered films division posted sales of $163 million for the 12 months prior to a June 2021 announcement of the purchase by CNH. That segment posted 19 percent earnings before interest, taxes, depreciation and amortization over the same period.
Scott Wickersham, president and general manager of Raven Engineered Films, will become CEO.
"The acquisition by IOP represents a new chapter for Raven Engineered Films that will benefit our team members and our communities," Wickersham said in a statement.. "We believe IOP will enable us to unlock the next levels of growth by innovating new products and creating value for our customers."
IOP is an Evanston, Ill.-based private equity firm.