Merger forms new custom food packaging platform
MPE Partners invests in and merges Central Coated Products and Sun America.
MPE Partners is announcing investments in, and the simultaneous merger of, Central Coated Products and Sun America to establish a new platform dedicated to providing custom food packaging solutions. Following the merger, both Central Coated and Sun America will continue to operate out of their current manufacturing facilities, with no changes to day-to-day business operations.
The company offers custom cut and premium wax paper, paper baking cups and plastic containers to a diverse mix of meat and other food processors through both direct sales and distribution. In addition, the company sells a wide range of foodservice wax paper through its Carnation brand.
MPE partnered in the investments with Steve Porter, an owner-operator of Central Coated, Russ Romocean, founder of Sun America, and the senior management teams of both businesses. Porter said, "Over the last four decades, Central Coated's mission has been to deliver high-quality, custom wax paper solutions that solve critical productivity challenges for our customers. I'm proud of what our team has built and excited for the future potential alongside MPE and Sun America."
Romocean said, "We founded Sun America with a commitment to provide the industry's premier denesting paper cups and have continued to develop innovative and sustainable paper and plastic solutions for food processors. MPE's shared values and vision, as well as its ability to facilitate the merger with Central Coated, made it the right partner for Sun America."
To support the Ccmpany through its next phase of growth, MPE recruited industry veteran Dave Furstoss to join as interim CEO and board member. Furstoss was previously the CEO at EasyPak, a thermoformed packaging provider, and spent over 17 years with Pactiv, a manufacturer of fresh food packaging.
Matt Yohe, partner at MPE, said, "We are excited to build upon the foundations established by Steve and Russ, and to collaborate closely with Dave in pursuing promising new commercial and operational opportunities."
Nick Stender, principal at MPE, said, "We are thrilled to partner with the management team to pursue new growth avenues, including targeted M&A, to build an industry-leading food packaging platform rooted in innovation, custom capabilities, quality, and reliability."
William Blair provided buyside advisory services to MPE. Calfee, Halter, & Griswold LLP and BakerHostetler served as legal advisors to MPE. Churchill Asset Management and FS Investments provided financing to support the transactions. PMCF Investment Banking acted as the exclusive financial advisor to Sun America.
Source: MPE Partners
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