Packaging supplier sells business
An out-of-state company has acquired a local maker of packaging for various industries.
Franklin Park, Illinois-based Transcendia said today it acquired Spire Flexpack, the parent company of Grand Rapids-based Precision Poly.
Transcendia makes packaging technology and engineered films for a wide range of markets.
Precision Poly is a custom manufacturer of food grade and industrial co-extruded blown-film bags and rolls.
“The strategic acquisition of Precision Poly enhances Transcendia’s growing food and beverage segment through the addition of complementary multi-layer blown-film technologies and an SQF-rated facility location,” said Andy Brewer, president and CEO, Transcendia.
Precision Poly’s certification as an “excellent” SQF-rated facility means its food safety control systems have been “effectively implemented.”
“Furthermore, (the acquisition) strengthens our sales channel to distributors for our broader product portfolio,” Brewer said.
Parnell Olson, president of Precision Poly, said his company is “excited to be a part of Transcendia” and called the companies’ portfolios “highly complementary.”
“We are well positioned for growth with the addition of Transcendia’s national infrastructure, diverse film manufacturing and converting capabilities and resources to expand our business,” Olson said.
This is Transcendia’s sixth acquisition in the past five years.
Transcendia was advised on the transaction by Fried, Frank, Harris, Shriver & Jacobson and Richter Consulting.
Spire Flexpack was advised by FisherBroyles and KeyBanc Capital Markets.
Founded in 1995, Precision Poly operates a manufacturing facility in Grand Rapids, offering “streamlined” extrusion processes that incorporate in-line/dedicated bag machines and on-site converting for individually cut blown-film products.
Founded in 1931, Transcendia offers custom-engineered films for more than 5,000 global customers.
Its products have a variety of applications in markets such as health care, point-of-purchase display, protective and aesthetic, industrial, food and beverage, window, anti-corrosion and security ID.
Transcendia operates 16 ISO-certified plants and three distribution centers in North America, Europe and Africa.