Sign of the Times?
Here is a press release from Hilex Poly, a leading plastic bag manufacturer based in South Carolina.
Tuesday, June 17, 2014 (Hartsville, S.C.) – Hilex Poly, a leading sustainable packaging company, today announced it has entered into an agreement to acquire Duro Bag Manufacturing Company, a pioneer and innovator in the paper bag industry.
“The acquisition of Duro Bag will enable us to expand our portfolio of 100 percent recyclable products to meet customer demands as well as broaden our reach to other market segments,” said Stan Bikulege, Chairman and CEO of Hilex Poly. “We are pleased and excited to welcome the Duro Bag family into Hilex.”
Duro Bag is one of the leading providers of innovative point-of-purchase paper bags to key markets throughout the United States such as food service, specialty retail, grocery, and mass merchant. The combined company will have over 3,000 manufacturing jobs in the U.S. and more than 600 in Canada and Mexico.
“Hilex continues to focus on developing products that are recyclable, sustainable and environmentally friendly. We look forward to expanding our capabilities and continuing to provide great products and service to a growing base of customers,” Bikulege said.
Hilex is majority owned by Wind Point Partners, a Chicago-based private equity investment firm. Alex Washington, a managing director at Wind Point, said “Completing acquisitions was a key value driver we had outlined when we invested in Hilex. The Duro Bag acquisition is a great opportunity to grow our product offerings, providing better value for our customers.”
The transaction, which is expected to close at the end of the second quarter, is subject to customary closing conditions and regulatory approvals.
About Hilex Poly, LLC
Hilex Poly, based in Hartsville, S.C., is an industry leading manufacturer of flexible packaging products, ranging from bags for grocery, retail, and food service markets, to can liners and specialty films. The company operates 15 manufacturing locations across the U.S. & Canada plus the largest closed-loop recycling facility in the U.S. Hilex Poly’s award winning Bag-2-Bag recycling program was the first closed loop recycling program to introduce plastic bag and film recycling programs at supermarkets and retailers that also rewards customers with high recycled content shopping bags. For more information on Hilex Poly’s sustainability efforts, plastic bag and film recycling or the Bag-2-Bag program, visit www.hilexpoly.com.
About Duro Bag Manufacturing Company
Duro Bag is a manufacturer and marketer of retail and luxury paper bags, for foodservice, grocery, wholesale-distribution and other industries. The company produces grocery bags, handle bags, compostable paper lawn and leaf bags, and various specialty bags, including lunch bags, pharmacy bags, Freshness Paper™ bread bags, food service bags, as well as a broad range of premium paper shopping bags for luxury retailers in North America. Additional information about Duro Bag is available at www.durobag.com.
About Wind Point Partners
Wind Point Partners is a private equityinvestment firm that partnerswith top caliber CEOs to acquire middle marketbusinesses where they can establish a clear path to value creation. Since their founding in 1984, they have raised over $2.8 billion in commitments. Additional information about Wind Point is available at www.windpointpartners.com.