Shore Capital Partners LLC is investing in honey bear bottles.
Chicago-based Shore Capital announced recently it has formed a partnership with Container Services Inc., a Hillsboro, Kan., stretch and extrusion blow molder that makes, among other things, iconic, bear-shaped bottles for honey.
CSI is based in Hillsboro and has a second plant in Newcastle, Pa. The company employs more than 100 and has more than 150,000 square feet of manufacturing space. With 16 molding machines between the two plants, CSI makes PET and high density polyethylene bottles and can use post-consumer resins. The company, with customers in the household products, automotive and food and beverage industries, also creates molds and 3D printed bottle prototypes.
Shore Capital said in a Feb. 13 news release it will be investing in CSI's operational infrastructure, business development, and sales and marketing.
Darrell Driggers founded CSI in July 1991.
"The transaction [with Shore Capital] allowed Darrell the opportunity to retire while also giving CSI the capital to accelerate our national expansion plans," Ryan Drews, vice president of strategic initiatives, said Feb. 20 via email. Drews joined CSI's management team when the deal closed.
Driggers' son, Brent Driggers, who has been with CSI since 2015, will retain his position as CEO.
Shore Capital and CSI said in the release they will look to acquire other rigid container makers, expand CSI's product offerings and broaden its customer base. Shore focuses on companies with $1 million to $10 million in EBITDA and sales of $5 million to $100 million in food and beverage, real estate, health care and business services. It has about $3 billion of cumulative capital commitments.
Plastics News estimated CSI's 2001 sales at $18 million, tying it at No. 68 in PN's ranking of North American blow molders. Drews said the company's sales now exceed $20 million.