The managed funds and management of private equity firm Harvest Partners have completed the takeover of US-based speciality packaging solution provider Fortis Solutions.
The company was purchased from Main Post Partners, a private equity firm based in California, for an undisclosed sum.
Fortis Solutions converts pressure-sensitive labels, including multi-ply coupons and booklets, flexible packaging printing, shrink sleeves, folding cartons and label applicators.
The company caters to blue-chip customers from the food and beverage, health and beauty, retail, agricultural chemical and nutraceutical end markets.
Based in Virginia Beach, Virginia, it operates a network of 15 manufacturing and sales offices across the US, each with a full range of flexographic and digital printing capabilities.
Harvest CEO and partner Michael DeFlorio and Harvest partner James Mitchel said: “We have admired Fortis’s tremendous success over the years and recognise their leadership position in the speciality packaging and labels markets.
“We are excited to partner with John and the Fortis management team to support the company’s organic and acquisition growth initiatives in the coming years.”
Fortis has completed 13 acquisitions since 2014, including its recent purchase of flexible packaging supplier Quality Tape and Label.
The company’s management team, led by founder and CEO John Wynne, will continue to control it following the deal.
The team will also hold a significant stake in the business alongside Harvest.
Wynne said: “Together with our great team at Fortis, we built the ‘One Fortis’ culture and growth vision which have allowed us to differentiate ourselves in the marketplace.
“I’m very much looking forward to working alongside Harvest Partners as we further develop and accelerate the value-added offerings that we deliver to our customers.”
BMO Capital Markets served as financial advisor to Fortis and Main Post for the deal, with Morrison & Foerster providing legal advice to the two companies.