US private investment firm Atar Capital has purchased biodegradable foodservice packaging products manufacturer WinCup.
The company was bought from BlackRock managed funds.
Headquartered in Georgia, WinCup produces and distributes disposable foodservice dine-in and takeout to-go products.
WinCup has two flagship brands, an award-winning marine biodegradable, home and industrial compostable straw, Phade, and biodegradable foam-based cups, lids and straws, Vio.
It operates eight manufacturing facilities and employs around 1,000 people. Its customers include blue-chip client base of distributors, restaurant chains and fast-moving consumer goods (FMCG) retailers.
Atar senior managing director Robert Lezec said: “Today there is an accelerating expectation for eco-friendly packaging solutions, whether in foodservice or in other segments.
“WinCup has been working diligently to remain at the forefront with a growing portfolio of unique and innovative products and a scalable production footprint that provides proximity to many of the nation’s leading foodservice customers.
“In this context, we anticipate the next few years to be transformative for WinCup and the customers it serves.”
This is seventh platform acquisition for Atar Capital’s since 2017. Financial details of the transaction have not been disclosed by both the sides.
A new leadership team has been appointed for WinCup. Brad Laporte is serving as chief executive officer and Michael Winters as president and chief revenue officer.
Laporte added: “With the support and direction to be gained from working with Atar Capital, we look forward to leading this evolving market with an even broader range of safe, sustainable packaging solutions.”