Recycler and manufacturer Revolution Co. said Oct. 23 it is buying Polar Plastics Corp., a Minnesota-based maker of film, sheeting and bags, from private equity firm Spell Capital Partners.
The purchase expands the geographic footprint of Little Rock, Ark.-based Revolution and continues expansions for the firm since it was bought by private equity firm Arsenal Capital Partners last year.
Earlier in October, Revolution said it was investing $20 million in an expansion of its Arkansas operations.
Terms of the Polar acquisition were not disclosed but the company said Polar's 100,000-square-foot production facility in St. Paul will help Revolution expand in packaging, agriculture and retail markets.
"We are confident this combination will strengthen our ability to serve new end markets and geographies with unique closed-loop collections, recycling and [post-consumer resin]-rich manufacturing solutions," CEO Sean Whiteley said. "The team at Polar Plastics has created a terrific business with deep customer relationships and a reputation for quality products and exceptional service."
Spell bought Polar in 2018 for an undisclosed price, saying at the time that the company made low density polyethylene film and bags for packaging, logistics, home improvement and retail applications.
Polar ranked 114th in the most recent Plastics News listing of North American film and sheet companies, with an estimated $30 million in annual sales. The purchase gives Revolution a footprint in the Midwest, along with facilities in Arkansas, California and Texas.
The Investment Banking Group at Chicago-based Stout, led by David Evatz, advised Polar Plastics and Spell Capital on the deal.