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December 2, 2015
Charter NEX Completes Acquisition of Optimum Plastics
MILTON, WI – December 2, 2015 – Charter NEX Films, Inc., a producer of high-performance polyethylene films, is pleased to announce that it has completed the acquisition of Optimum Plastics, Inc. in an all-cash transaction for an undisclosed amount.
Charter NEX supplies flexible packaging converters with a broad array of products, from monolayer to high barrier films, for the retail food, consumer products, industrial, and medical markets. Charter NEX is well-regarded for its best-in-class quality standards and manufacturing performance. The company is owned by Pamplona Capital Management, LLP, a global private equity investment firm, and management.
“We are excited to be joining forces with Optimum Plastics,” said Kathy Bolhous, Chief Executive Officer of Charter NEX. “Today’s announcement marks the combination of two innovative pioneers in specialty films. Our strategy is to continue our focus on expanding both our process capabilities and our film portfolio, while delivering the highest quality products and service to our customers. Together, we will become a more diverse business, with complimentary capabilities and resources that will delight our customer base.”
“We have long known that these two companies belong together,” stated Kevin Keneally, Chief Executive Officer of Optimum Plastics. “We are excited to be joining the Charter NEX team and see a bright future for our customers and associates. Our customers will gain access to a greater breadth of technical and operational capabilities, and together we can bring unique new products to market. ”
Martin Schwab, Partner at Pamplona, commented, “Since acquiring Charter NEX earlier this year, we have been impressed with the capability of the management team and their growth ambitions. This acquisition underscores Pamplona’s strong support for the management team’s business plan.”
Following the transaction, Ms. Bolhous will continue to serve as Chief Executive Officer and Mr. Keneally will be appointed President and Chief Commercial Officer, reporting to Ms. Bolhous.
Charter NEX financed the acquisition through a combination of cash on hand and credit facilities arranged by Guggenheim Corporate Funding, LLC. Charter NEX was advised in the transaction by Houlihan Lokey Capital, Inc., with Hogan Lovells US LLP acting as legal counsel. Optimum Plastics was advised in the transaction by Mesirow Financial, Inc., with Honigman Miller Schwartz and Cohn LLP acting as legal counsel.
About Charter NEX Films, Inc.
Charter NEX is a North American leader in engineering, extruding, and manufacturing superior-quality monolayer, coextruded and barrier films for flexible packaging applications. Charter NEX blown film products are ideal for industries such as consumer goods, food and beverage, foodservice, industrial, lawn and garden, medical, and pet food.
About Optimum Plastics, Inc.
Optimum Plastics is a leading domestic and international engineered films producer for high performance institutional food, industrial, medical, automotive and consumer market segments. The company excels in the design of value-added cast embossed film structures and laminations for the most demanding applications. Certified to ISO 9001:2008 standards, Optimum Plastics is focused on offering exceptional speed to market for new product development and excels in delivering quality, service and technology to its valued customer base. The company is owned by management and Huron Capital Partners.
About Pamplona Capital Management, LLP
Pamplona is a London and New York based specialist investment manager established in 2005 that provides an alternative investment platform across private equity, fund of hedge funds, and single manager hedge fund investments. Pamplona manages over USD 10 billion in assets across a number of funds for a variety of clients including public pension funds, international wealth managers, multinational corporations, family offices and funds of hedge funds. Pamplona is currently managing its fourth private equity fund, Pamplona Capital Partners IV LP, which was raised in 2014. Pamplona invests long term capital across the capital structure of its portfolio companies in both public and private market situations.