Private equity firm The Jordan Co. is moving deeper into plastics with the acquisition of Soteria Flexibles Holdings LLC, a short-run, custom flexible packaging maker.
Paris-based Ardian, also a private equity firm, sold Soteria after four years of ownership through the company's North American Fund.
Ardian created Soteria after the 2019 purchase of Colonial Bag Corp., a family-owned company based in Carol Stream, Ill. Along the way, the company added other flexible packaging companies: RediBag Inc. of Tukwila, Wash.; Continental Products of Mexico, Mo.; and Film Tech LLC of Stanley, Wis. Those firms continue to operate under their own names.
"Ardian's support, insights and resources have been instrumental in Soteria's ability to innovate and accelerate growth in a segment of the flexibles packaging industry that has historically been segmented and underrepresented," Soteria CEO Brad Herbolsheimer said in a statement.
Todd Welsch, managing director for Ardian's North American Fund, said he believes there could be even more growth for Soteria in the future.
"Soteria Flexibles' impressive evolution, highly flexible operating model and repeatable M&A platform have positioned it for future expansion. We are eager to see what the management team will accomplish in the company's next chapter, building on the impressive growth achieved to date," he said in a statement.
Soteria provides flexible packaging to a wide range of end markets including health care, fresh food, industrial, food service, janitorial and sanitation.
The portfolio for The Jordan Company, which also goes by TJC, already includes Spartech LLC — a maker of engineered thermoplastics and custom packaging with 17 plants in the United States — and rigid packaging maker Anchor Packaging LLC based in St. Louis with three plants and a distribution center in Arkansas, a plant in Wisconsin and a plant in Argentina, according to the company's website.