Manufacturing investor New Pendulum Corp. has acquired rotational molder MasonWays Plastics LLC for an undisclosed price.
West Palm Beach, Fla.-based MasonWays makes dunnage, display and commercial products. The firm was founded in 1983.
"This acquisition is a sound strategic fit for our investment philosophy, even more so when you align it to the strengths of our other holdings," Clark Stapelfeld, president and CEO of Wilmington, Del.-based New Pendulum, said in a news release.
MasonWays operates plants in Ohio, Georgia, Indiana and Oregon. The firm's customers include major retailers such as Meijer, Kroger, Sheetz, Aldi and BJ Wholesale Club.
New Pendulum officials added that the investment "demonstrates [the firm's] drive to continue its multi-year, multi-company expansion into the convenience and grocery supply space."
New Pig Corp., a New Pendulum portfolio company that makes absorbent products, "has had significant success entering the grocery and convenience markets through innovative offerings and growing relationships with corporate customers," officials said. "With MasonWays, we look forward to further growing those relationships by providing the high level of service and fulfillment New Pig is known for," Chief Financial Officer Steve Kline added.
MasonWays is New Pendulum's 13th acquisition since it launched in 1986. The firm still owns 12 of those acquisitions, which officials said is "proof of an acquisition strategy centered on long-term growth and profitability."
New Pendulum is acquiring MasonWays from Judd Ettinger, who now will serve as executive vice president of the firm. New Pendulum "is bringing additional marketing expertise and more sales reach to MasonWays," he said.
New Pendulum also owns rotational molder Interpak Inc., which operates a 76,000-square-foot plant in Mentor, Ohio. New Pendulum's 12 companies in total employ more than 750.