Charter NEX Films (Milton, WI), a manufacturer of high-performance polyethylene films, has purchased Optimum Plastics (Bloomer, WI) from Detroit-based Huron Capital Partners in an all-cash transaction for an undisclosed amount. Optimum Plastics is a leading producer of custom cast embossed and blown film structures across a wide range of end markets.
“This announcement marks the combination of two innovative pioneers in specialty films,” says Charter CEO Kathy Bolhous.
|Optimum Plastics' Bloomer, WI, facility.
Charter NEX, a portfolio company of Pamplona Capital Management, is a North American leader in engineering, extruding, and manufacturing superior-quality monolayer, coextruded and barrier films for flexible packaging applications. Its blown film products are ideal for industries such as consumer goods, food and beverage, foodservice, industrial, lawn and garden, medical, and pet food.
Huron Capital invested in Optimum in 2012 and placed CEO Kevin Keneally at the helm immediately. Since that time, annual revenue has grown from $45 million to over $100 million and the number of employees has grown from 66 to 145. The most significant milestone was the 2014 merger between Optimum Plastics, with its expertise in blown barrier films, and Bloomer Plastics, a leader in cast embossed films.
“We have long known that these two companies belong together,” said Keneally, CEO of Optimum Plastics. “We are excited to be joining the Charter NEX team and see a bright future for our customers and associates. Our customers will gain access to a greater breadth of technical and operational capabilities, and together we can bring unique new products to market.
Following the transaction, Bolhous will continue to serve as CEO and Keneally will be appointed President and Chief Commercial Officer, reporting to Bolhous.