US-based custom-engineered materials manufacturer Transcendia has concluded the acquisition of Precision Poly from Spire Flexpack, for an undisclosed sum.
Precision Poly produces food grade and industrial co-extruded blown film bags and rolls for flexible packaging applications.
The deal expands Transcendia’s services and expertise in active packaging and engineered films for the food and beverage market.
Transcendia president and CEO Andy Brewer said: “The strategic acquisition of Precision Poly enhances Transcendia’s growing food and beverage segment through the addition of complementary multi-layer blown film technologies and an SQF rated facility location.
“Furthermore, it strengthens our sales channel to distributors for our broader product portfolio including our industry leading MetPro anti-corrosion packaging technologies to further support our global customers.”
The company has completed five acquisitions over the last five years as part of its transformation efforts to expand its presence. Transcendia effected the transaction by the acquisition of Spire Flexpack.
KeyBanc Capital Markets and FisherBroyles advised Spire Flexpack on the transaction while Fried, Frank, Harris, Shriver & Jacobson and Richter Consulting advised Transcendia.
Precision Poly president Parnell Olson said: “We are excited to be a part of Transcendia. Each company’s attractive portfolio of food and industrial products are highly complementary and we are well positioned for growth with the addition of Transcendia’s national infrastructure, diverse film manufacturing and converting capabilities and resources to expand our business.”
Established in 1995, Precision Poly currently operates a manufacturing plant in Grand Rapids, Michigan.
The plant offers streamlined services through in-line/dedicated bag machines and on-site converting for individually-cut products.