Nicolet Capital Partners, LLC, a private equity firm in Chicago, IL, announced today that it has successfully completed the acquisition of Star Packaging Corp. from private equity firm Azalea Capital. Nicolet Capital completed the transaction through its affiliate InterFlex Group. Star, headquartered in Atlanta, GA, is a flexible packaging convertor producing laminated and printed film structures for a wide range of consumer packaged goods applications. Nicolet directly originated the privately negotiated transaction with Azalea and other terms of the acquisition were not disclosed.
The acquisition represents Nicolet’s seventh transaction in the Plastics, Packaging and Converting segment and is the first addition to InterFlex Group which was acquired by Nicolet in 2013. InterFlex, with operations in the U.S. and U.K., offer an extensive range of value-added flexible packaging solutions to sophisticated global consumer product customers. Star operates several modern 8/10 color flexographic presses and a variety of value added laminating, pouch and bag making equipment at its two facilities. In addition, the company has Inno-Lok capabilities in house to produce zippered roll stock. Star serves a diverse customer base in end markets such as snack foods, bakery, frozen foods and produce. The company also has niche technical expertise to formulate and manufacturer products for child resistance packaging (CRP) applications.
Commenting on the Star transaction, Brett A. Snyder, President of Nicolet Capital stated, “The acquisition of Star highlights Nicolet Capital’s ability to leverage its expertise in the Plastics, Packaging and Converting segment. Drawing on our industry knowledge, we have worked closely with InterFlex management to refine its strategic plan and identify specific acquisition targets to facilitate that plan. The opportunity to acquire Star was originated on a proprietary basis through Nicolet’s prior relationships with Star management and through direct negotiations with Azalea. Star’s end markets and customers are highly complementary to InterFlex, it has excellent equipment and it unique technologies around Inn-Lok and CRP will have attractive future growth prospects as part of InterFlex.”
Stephen Doyle, President and CEO of InterFlex Group added, “The acquisition further expands InterFlex’s capabilities as an operationally robust packaging supplier offering North American customers a range of flexible packaging solutions and technical resources. At the same time we will continue to deliver the flexibility and customized service that has been a signature of both companies.”
About Nicolet Capital Partners, LLC:
Nicolet Capital Partners, LLC, located in Chicago, IL, is a private equity firm that makes both majority and minority equity investments in established businesses across a wide range of basic industries. The firm targets equity investments of $20-75 million in companies with distinct market positions that possess sustainable competitive advantages. Nicolet Capital has specific expertise in industries related to Plastics, Packaging and Converting. In addition to its equity capital, Nicolet Capital can provide complete, committed debt financing for its transactions. For more information on Nicolet Capital, please contact them at 847-563-5377 or visit their website at www.nicoletcap.com.
About InterFlex Group:
InterFlex operates five manufacturing locations in the U.S. and U.K. that offer an extensive range of value-added flexible packaging solutions to sophisticated global consumer product customers. The company’s converting capabilities include a fleet of modern 8/10 color flexographic presses at each facility along with coating, laminating and value-added pouch and bag making. As an independent converter with strong research, product development and process technology competencies, InterFlex has a track record of utilizing a wide range of substrates, coatings and other materials to develop innovative packaging systems that deliver superior performance and value. The company’s customers represent a diverse set of end markets including poultry, meat snacks, pet food, baked goods and confectionary products.
For more information on InterFlex Group please visit their website at www.interflexgroup.com.
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