Wind Point Partners Backs Hilex Poly

Chicago-based buyout shop Wind Point Partners has acquired a new platform company: Hilex Poly Co., a maker of plastic retail bags. Wind Point has added Mike Fitzpatrick, Mike Riordan, Steve Hochhauser and Steve Humphrey to the company’s board. Terms of the deal were not released. Senior debt was provided by GE Antares, Fifth Third Bank, Bank of Montreal and KeyBanc. DLA Piper acted as legal advisor to Wind Point.


PRESS RELEASE

Wind Point Partners, a Chicago-based private equity investment firm, today announced the acquisition of a new platform company, Hilex Poly Co LLC. Hilex is the nation’s largest manufacturer of plastic retail bags, in addition to a producer of a variety of film products used in a number of industries. Hilex is a leader in recycling plastic bags and films with its closed loop recycling process and is involved in a number of green initiatives to increase the use of recycle content in all of its products.

Wind Point acquired Hilex in partnership with Stan Bikulege, who has been CEO since 2008. Prior to joining Hilex, Stan served as CEO of Renaissance Mark, a paper label producer. In addition, Wind Point has added Mike Fitzpatrick, Mike Riordan, Steve Hochhauser and Steve Humphrey to the Board of Directors. Mike Fitzpatrick is the former CEO of Citadel Plastics (a former Wind Point portfolio company) and previous President of Rohm & Haas. Mike Riordan is the former CEO of Fort Howard. Steve Hochhauser is the former CEO of Johns Manville. Steve Humphrey is the former CEO of Graphic Packaging.

Michael Nelson, a managing director at Wind Point, commented, “Hilex is a clear market leader with a strong management team, high quality products and excellent customer service. Wind Point and Stan have developed a clear value creation plan to accelerate growth by introducing new products and completing complementary acquistions.”

Stan Bikulege, CEO of Hilex, stated, “First, I want to thank all of our team members for the work they have done to continue to drive Hilex to new levels. Also, want to thank TPG Growth for their support during their ownership. Lastly, we are extremely excited to partner with Wind Point, they understand this sector and are very supportive of our next phase of growth. We think it will be a powerful partnership.”

Senior debt for the transaction was provided by GE Antares, a unit of GE Capital, Fifth Third Bank, Bank of Montreal and KeyBanc. DLA Piper LLP acted as the legal advisor to Wind Point.

About Wind Point Partners.
Wind Point Partners is a private equity investment firm that manages commitments of approximately $2.5 billion. Wind Point focuses on partnering with top caliber CEOs to acquire middle market businesses where we can establish a clear path to value creation. Additional information about Wind Point is available at www.windpointpartners.com.

About Hilex Poly Co LLC
Hilex Poly Co LLC, based in Hartsville, S.C., is the nation’s largest plastic bag manufacturer and operates the largest closed-loop recycling facility in the United States. Hilex Poly’s Bag-2-Bag recycling program was the first closed loop recycling program to introduce plastic bag recycling programs at supermarkets and retailers that also rewarded customers with high recycled content shopping bags. Hilex Poly operates the nation’s largest plastic bag recycling plant, located in North Vernon, Ind.

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