Consolidated Container (CCC), an investment arm of Bain Capital in the plastic packaging sector, has acquired plastic recycling companies Envision Plastics and Ecoplast from their founders Massoud Rad and Parham Yedidsion.
Both the acquired companies will be operated as a stand-alone business, under the leadership of Scott Booth and the firm's existing management team, while Booth will report to CCC's CEO Sean Fallmann.
Booth said, "Speaking for the employees of Envision and Ecoplast, we are excited to partner with our new owners, who also share our vision of growth, and are prepared to continue to invest behind the full potential of our proprietary food grade recycled HDPE (EcoPrimeTM) and our unique color matched recycled HDPE (PRIMSATM) technologies as we continue to grow our business."
Parham Yedidsion and Massoud Rad said that both the firms are leading players in the recycled plastics sector, which have been built on a solid foundation.
"We are thankful to our employees and management team for their continual efforts and have no doubt that the Bain Capital group will only expand upon the capabilities of these companies," Rad added.
Terms and conditions of the transaction have been not disclosed.
Established in 2001, Envision Plastics manufactures post-consumer recycled polyolefin resins (HDPE) through plastics recycling facilities, located in Reidsville of North Carolina and Chino of California.
Ecoplast, which was founded in 1963, supplies recycled and custom compounded resins for the plastics molders, suppliers and companies in the US.
Consolidated Container, through its 56 manufacturing facilities, provides rigid plastic packaging solutions to the diverse customer base in the dairy, household chemicals, food, industrial or specialty chemicals, water and beverage or juice markets.
