London and New York-based private equity investment firm Pamplona Capital Management will acquire US-based polyethylene films producer Charter NEX Films for an undisclosed amount.
Charter NEX specialises in producing packaging for flexible food and consumer products. It also produces products for the medical, pharmaceutical and industrial surface protection segments.
The company said in a statement that it is benefiting from strong growth in its key product categories, like stand-up pouches, and is a valued partner for its diversified customer base owing to best in class quality standards and manufacturing performance.
The investment by Pamplona follows its last month's acquisition of a majority stake in Arizona-based healthcare company Intralign Holdings and of Mobile, Alabama-based BBB Industries, which is a leading remanufacturer and distributor of automotive parts.
Speaking about the transaction, Charter NEX CEO Kathy Bolhous said: "Since NEX's 2012 merger with Charter Films, we have accelerated our growth through infrastructure and capacity investments to establish one of the industry's leading growth platforms.
"We look forward to continuing this focus on providing our customers with the highest quality products and service and investing for the future under Pamplona's ownership."
Morgan Stanley acted as financial advisor to Pamplona while Hogan Lovells US acted as legal counsel.
Martin Schwab, the Pamplona partner who was leading the transaction, said: "Charter NEX is a first-class business and we are delighted to be partnering with an exceptional management team who have grown the company substantially over a number of years.
"We believe there are significant opportunities to continue this growth both organically and through acquisitions and we are excited to be part of the business. Pamplona will work with management to accelerate the Company's growth ambitions by providing long-term financial and strategic support."
Image: Charter NEX Films recently expanded its Milton Wisconsin facility. Photo: courtesy of Charter NEX Films.
