Monomoy Capital Partners, a private investment company, has acquired US-headquartered manufacturer Oliver Packaging and Equipment for an undisclosed amount.
Oliver specialises in producing compostable and recyclable meal trays and films for various markets such as education and grocery.
The company’s diverse customer base spans across North America, supported by a significant installed base of machines and consumable packaging products.
Following the acquisition, Oliver’s current management team, led by CEO Mitch Summerfield, will continue to operate the company.
Summerfield said: “Monomoy’s operational value-add in similar businesses and experience in packaging represent a differentiated opportunity to grow Oliver as an independent platform.
“This partnership adds valuable resources that will allow us to achieve our growth initiatives while maintaining a steadfast commitment to our existing customers.”
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By GlobalData
This move is part of Monomoy’s strategy to strengthen its presence in the middle market through corporate carve-outs.
The company’s recent carve-outs include Waupaca Foundry from Proterial and Valtir from Trinity Industries.
In 2020, Monomoy also invested in the packaging sector with the acquisition of Mac Papers + Packaging.
Monomoy director Matt Farrell said: “Our partnership with Oliver aligns well with Monomoy’s experience in carve-outs and the packaging sector.
“Together with the management team, we have already identified significant product, customer and end-market expansion opportunities upon which we plan to execute through organic growth initiatives and strategic add-on acquisitions.”
Legal counsel for the transaction was provided by Kirkland & Ellis for Monomoy while Mesirow Investment Banking acted as its exclusive financial advisor.
Meanwhile, Oliver received legal counsel from Dechert and financial advice from TD Cowen.
