Leonard Green & Partners close to buying Charter NEX Films for $1.5 bn
17 Apr 2017
Private equity firm Leonard Green & Partners has won an auction to buy US manufacturer of specialty films for the food and medical industries Charter NEX Films Inc, for $1.5 billion, including debt, Reuters today reported, citing people familiar with the matter.
A deal could be announced in the coming weeks, the report said.
Private equity firm Pamplona Capital Management had acquired Charter NEX in 2014 from peer Mason Wells for an undisclosed sum.
Founded in 1989 and based in Milton, Wisconsin, Charter NEX, earlier known as NEX Performance Films, Inc, is a leading independent producer of high performance polyethylene films.
It holds a leading position within flexible food and consumer product packaging, and strong, growing positions in medical, pharmaceutical and industrial surface protection segments.
Charter NEX has six production facilities, including other sites in Superior, Rhinelander, and Milton, Wisconsin; and Turners Falls, Massachusetts.
Plastics News ranks the company 22nd in its latest listing of North American film and sheet makers, with annual sales of around $500 million.
