Viapack Acquires Plastic Film Extruder P&O Packaging
NEW YORK (March 3, 2006) – Viapack, Inc., an investment company formed by industry veteran Robert Isen and private equity fund Red Diamond Capital, has acquired P&O Packaging, Ltd. Based in Dalton, Georgia, P&O is a manufacturer of custom monolayer and co-extruded polyethylene films used in laminating, converting and other specialty packaging applications. P&O’s senior operating managers invested alongside Viapack in the acquisition and will continue in their senior leadership roles with P&O.
Robert Isen, Viapack’s CEO, said, “The acquisition of P&O is a significant step forward in Viapack’s evolution. The Company has an uncompromising commitment to service, quality and innovation, which is complementary to our growing family of film producers.”
P&O’s President, Ben Brashears, commented, “Viapack is our ideal equity partner. The Viapack team is committed to building on the business we have created at P&O, keeping our identity, traditions and key people intact, while providing capital and strategic resources to help us grow. All of P&O’s stakeholders, including customers and suppliers, will benefit from our combined technical, production and service capabilities.”
Viapack continues to have an interest in acquisitions of plastic film manufacturers with a strong customer service focus and high quality standards. Viapack seeks to team with capable managers whose companies can benefit from Viapack’s strategic and financial resources. Viapack’s first acquired company, Allied Extruders, based in New York, has added co-extrusion capability, recruited key personnel, upgraded laboratory capabilities and penetrated new growth markets since its acquisition by Viapack. Viapack also plans to add new co-extrusion capacity at both P&O and Allied in 2006.
About Red Diamond Capital
Formed in 2002, Red Diamond Capital is a $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 Mitsubishi Corporation, 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.
About Viapack
Viapack, Inc. is a holding company dedicated to investing in the growth of plastic film manufacturers. Viapack’s flexible investment approach is designed to meet the objectives of investee companies’ owners, managers and employees. Viapack seeks to maintain the personnel, tradition and legacy of acquired businesses, while providing the resources and funding needed to promote growth.
About P&O Packaging
P&O Packaging, formed in 1978, operates from a 60,000 square foot facility in Dalton, Georgia and has grown to become a leading producer of highly engineered co-extruded and monolayer plastic films customized to the exacting specifications and performance characteristics of its customers. P&O was acquired by Viapack in 2006.
