Red Diamond Capital Wraps Up Flexible Packaging Deal
--Management and Red Diamond Recapitalize Specialty Packaging Converter--
NEW YORK (December 21, 2005) – Red Diamond Capital, a New York-based private equity firm, recently announced the equity recapitalization of The InterFlex Group, Inc. in partnership with owner and CEO, Stephen Doyle. InterFlex, headquartered in Wilkesboro, North Carolina is a leading multinational converter of flexible packaging with facilities in North Carolina, the UK and Brazil.
InterFlex is a service-focused flexible packaging converter, providing value-added printing, waxing and laminating services for food and packaged goods applications on a just-in-time basis. InterFlex has proprietary production capabilities and leading market positions in the US case-ready poultry packaging market, UK specialty bakery packaging market and South American case-ready poultry packaging market. InterFlex maintains long-term relationships with leading international food companies, providing high quality printed packaging for branded food and consumer products. With Red Diamond's support, InterFlex is seeking to acquire complementary businesses to realize its growth objectives.
"We are excited to partner with Stephen Doyle and the InterFlex management team. They have repeatedly demonstrated the ability to create value through acquisitions, greenfield expansion and investment in new production technologies," noted Kurt Beyer, Vice President of Red Diamond. "InterFlex has a strong commitment to customer service and quality, which has earned the company a preferred supplier position with industry-leading food products customers. Through expansion and acquisitions, we hope to leverage these strengths and continue to build the InterFlex business."
InterFlex represents Red Diamond's sixth platform investment since inception. Other portfolio companies include Hammerhead Distribution, Inc., a distributor of roofing and building products, Hi-Tech Rubber, Inc., a custom molder of precision elastomeric medical components, Allied Extruders, Inc., a manufacturer of polyethylene film for packaging applications, Nutritional Laboratories International, Inc., a contract manufacturer of Nutritional supplements, and Milton's Fine Foods, a branded food products company.
About Red Diamond Capital
Formed in 2002, Red Diamond Capital is an independent $150 million private equity fund that invests in middle-market manufacturing, service and distribution businesses in North America. With its committed capital provided primarily by Mitsubishi International Corporation, the US subsidiary of Japan's leading trading company, Red Diamond offers a unique mix of strategic resources, industry-focused capital and management expertise to fuel the growth of its portfolio companies.
