Mesirow Financial acted as the exclusive financial advisor to Optimum Plastics (“Optimum” or the “Company”), a portfolio company of Huron Capital Partners, LLC (“Huron”), on its sale to Charter NEX Films, Inc. (“Charter NEX”), a portfolio company of Pamplona Capital Management, LLP (“Pamplona”). Charter NEX is a Wisconsin-based manufacturer of high-performance coextruded, barrier and monolayer films for converters and end users.
Headquartered in Bloomer, Wisconsin, Optimum is a leading manufacturer of custom, specialty film solutions offering up to 9-layer production capabilities. The Company’s comprehensive mix of blown and cast embossed film solutions, coupled with Optimum’s strong design and production capabilities, enable the Company to offer thousands of product variations and engineered solutions. Optimum serves a diverse customer base across strategically identified target markets and applications, including food and other packaging, transportation, industrial, medical, graphics, consumer and office products, among others.
The sale of Optimum to Charter NEX enhances the combined company’s ability to serve a growing demand for customized film solutions. Optimum brings highly engineered cast embossed capabilities along with a diversified customer base and end markets. Together, the two companies offer a broader range of products and capabilities fueling continued growth.
Kathy Bolhous, CEO of Charter NEX, commented, “We are thrilled to partner with Optimum. The management team has built a best-in-class film platform. This acquisition establishes Charter NEX as a North American market leader in custom, high-performance and technical films.”
Kevin Keneally, CEO of Optimum Plastics, said, "Mesirow Financial’s in-depth knowledge of the packaging industry and professional approach and guidance throughout the transaction was instrumental in creating a successful outcome for shareholders.”
Louis Mitchell, managing director of Mesirow Financial, added, "We were honored to represent the shareholders of Optimum in this process. Our deep experience and expertise within the film industry allowed us run a process that paired Optimum with the ideal strategic partner, while securing a successful result for all parties involved.”
The transaction represents another successful assignment completed by Mesirow Financial's Investment Banking group. Mesirow Financial is one of the most active advisors in the paper, plastics, packaging and specialty printing sectors, having completed over 100 transactions in recent years.
About Huron Capital Partners
With offices in Detroit and Toronto, Huron Capital is an operationally-focused private equity firm with a long history of growing lower middle-market companies through its customized ExecFactorSM buy-and-build investment model. Huron prefers complex situations where it can help companies reach their full potential by combining its operational approach, substantial capital base and transaction experience with proven operating executives. Founded in 1999, Huron has raised over $1.1 billion in capital through four committed private equity funds, invested in over 85 companies and its portfolio companies have employed over 7,500 people throughout North America. Huron's buy-and-build investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs and management buyouts of companies having revenues up to $200 million. Huron's sector focus includes specialty manufacturing, business services, consumer goods & services and healthcare. For more information, please visit huroncapital.com
About Charter NEX
Charter NEX is a market-leading manufacturer of monolayer, coextruded and barrier films, including stand-up pouch and flexible packaging films. Charter NEX blown film products are used in a range of segments and high growth applications, with a particular focus on food and beverage, consumer product and medical applications. The Company has industry-leading manufacturing capabilities, supported by a culture of operational excellence focused on training and development and continuous process improvement. Additional information is available at charternex.com.