Soteria Flexibles Holdings has purchased Redi-Bag Inc., a Tukwila, Wash.-based blown film extruder and converter.
The deal is the second acquisition of a custom film specialist for Soteria Flexibles, a portfolio company owned by French private equity firm Ardian.
Soteria Flexibles was established in 2019 in conjunction with Ardian's investment in Colonial Bag Corp., a Carol Stream, Ill.-based custom film extruder.
"With Redi-Bag, we saw an immediate fit with Colonial," Bradley Herbolsheimer, CEO of Soteria Flexibles, said in a telephone interview. "It has one facility with great bones and a lot of room for expansion outside Seattle."
Herbolsheimer said Redi-Bag's great customer relations and management team headed by President Athos Ikonomou stood out during the acquisition process.
"Redi-Bag is known for high quality and high service," Herbolsheimer said.
Terms of the deal were not disclosed. Mesirow Financial of Chicago acted as exclusive financial adviser to Redi-Bag. The seller was Traverse Pointe Partners LLC, a Chicago-based investment firm that has owned Redi-Bag since June 2017.
Redi-Bag makes low density polyethylene film and protective packaging, primarily for the food packaging market in the Pacific Northwest. The company was founded in 1992 by Jim and Dan Ulrich. Key markets include seafood and produce packaging.