Charter NEX Films Inc., a producer of high-performance polyethylene films, announces it has completed the acquisition of Optimum Plastics Inc. in an all-cash transaction for an undisclosed amount.
Charter NEX supplies flexible packaging converters with a broad array of products, from monolayer to high barrier films, for the retail food, consumer products, industrial and medical markets. The company is owned by Pamplona Capital Management LLP, a global private equity investment firm.
“We are excited to be joining forces with Optimum Plastics,” says Kathy Bolhous, chief executive officer of Charter NEX. “Today’s announcement marks the combination of two innovative pioneers in specialty films. Our strategy is to continue our focus on expanding both our process capabilities and our film portfolio, while delivering the highest quality products and service to our customers. Together, we will become a more diverse business, with complimentary capabilities and resources that will delight our customer base.”
“We have long known that these two companies belong together,” states Kevin Keneally, chief executive officer 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. ”
Martin Schwab, partner at Pamplona, comments, “Since acquiring Charter NEX earlier this year, we have been impressed with the capability of the management team and their growth ambitions. This acquisition underscores Pamplona’s strong support for the management team’s business plan.”
Following the transaction, Bolhous will continue to serve as chief executive officer, and Keneally will be appointed president and chief commercial officer, reporting to Bolhous.
Charter NEX financed the acquisition through a combination of cash on hand and credit facilities arranged by Guggenheim Corporate Funding LLC. Charter NEX was advised in the transaction by Houlihan Lokey Capital Inc., with Hogan Lovells US LLP acting as legal counsel. Optimum Plastics was advised in the transaction by Mesirow Financial, Inc., with Honigman Miller Schwartz and Cohn LLP acting as legal counsel.
