Fisher Acquires Packaging Products
Fisher Container Holdings LLC acquisition of Packaging Products Corp. LLC.
Flexible packaging maker Fisher Container Holdings LLC is adding two new locations through the acquisition of Packaging Products Corp. LLC.
Fisher Container Holdings LLC, which is backed by Morgan Stanley Capital Partners, has acquired Buffalo Grove, Illinois-based Fisher Container Holdings, a maker of technical flexible packaging products. No financial terms were disclosed.
NEW YORK–(BUSINESS WIRE)–Fisher Container Holdings, LLC (“Fisher”) announced today that it completed its acquisition of Packaging Products Corporation, LLC (“PPC”). Fisher is a portfolio company majority owned by investment funds managed by Morgan Stanley Capital Partners (“MSCP”), the Private Equity team within Morgan Stanley Investment Management. PPC represents the first add-on acquisition for Fisher since MSCP’s investment in February 2017.
Fisher, headquartered in Buffalo Grove, IL, is a leading manufacturer of innovative and technical flexible packaging products, primarily for the cleanroom and healthcare, food and industrial end markets. The Company prints and converts flexible films, bags and plastic pouches.
“We expect the combination of these companies will enable us to enhance the value and service we provide to our customers,” Keneally said.
PPC dates to 1968 and focuses on “emerging technologies in film substrates, ink systems and controlled atmosphere packaging,” according to the company’s website. In 2006, Belmont Plaza Management Group made a minority investment in PPC as part of a management buyout of the company, the investment firm’s website indicates.
It was just in February that Morgan Stanley Capital Partners and members of company management purchased 50-year-old Fisher Container from founder Don Fisher. Keneally, at the time, was installed as CEO. And the new owners signaled plans for growth.
“PPC enhances Fisher’s position in the food market with its unique set of capabilities that has translated into favorable position with blue chip and innovative food manufacturers,” said Eric Kanter, managing director of Morgan Stanley Capital Partners, in a statement.
“We see tremendous value and growth potential from this partnership and will continue to look for opportunities to add new, innovative products and services,” he said in a statement.
Keneally becomes CEO of the combined company, taking over for PPC’s Bill Mackin, who led that firm since 2014.
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