Investment firm Cameron’s subsidiary Multi-Pack Holdings has sold its US-based PVA packaging division to Wind Point Partners’ US Nonwovens.
Financial details of the transaction have not been disclosed.
According to the agreement, the company and its South Carolina-based subsidiary will continue to provide services under the Multi-Pack name. This applies to operations in sectors such as consumer, personal care, OTC & Rx pharmaceutical and industrial contract manufacturing.
Cameron vice-president Brian Lovett said: “This divestiture positions Multi-Pack to focus on its core markets, aggressively growing both organically and through strategic add-on acquisitions in the contract manufacturing market.”
The company is building a new plant to help position it for ‘growth and process optimisation opportunities’.
Multi-Pack president Steve Crass said: “We are very bullish on the Multi-Pack business and are actively investing for growth.”
Lincoln International has offered transaction advisory services and Polsinelli served as legal counsel to Cameron’s subsidiary.
In the contract manufacturing industry, the company has expertise in blending and packaging. The firm maintains strong customer and supplier ties.
US Nonwovens is a consumer goods company that manufactures personal care, cosmetic, laundry and household cleaning products. It has eight manufacturing sites and five self-managed warehouses in North America.
Chicago-based private equity firm Wind Point Partners owns a controlling stake in US Nonwovens.