LongueVue Capital has recapitalized Summit Plastics, a niche manufacturer of custom low-density and linear low-density polyethylene blown film and bags. No financial terms were disclosed.
NEW ORLEANS, Jan. 20, 2021 /PRNewswire/ — LongueVue Capital (“LVC”) is pleased to announce it has partnered with CEO Tom Nathanson and the management team of Summit Plastics (“Summit” or “the Company”) to recapitalize the business and provide growth capital. Headquartered in Summit, MS, Summit is a business-to-business focused niche manufacturer of custom low-density and linear low-density polyethylene (“LLDPE”) blown film and bags for a number of commercial end markets, including food and beverage, industrial, and healthcare.
Summit has experienced rapid growth since Tom Nathanson acquired the business in 2015. The Company currently employs more than 100 full-time employees and operates out of a recently-upgraded 90,000 square foot manufacturing facility, from which it can produce a wide range of value-added blown film and bags, including mono and multi-layer films (1, 3, 5 layers) made to customer specifications with various options (e.g., environmentally-sustainable bioresin, printing, color, slip, antimicrobials, corona treatment, and anti-static/block).
“Summit’s strong reputation and desire to exceed customer expectations has positioned the Company as a clear leader in the custom plastic packaging sector,” said Ryan Nagim, Partner at LVC. “By leveraging decades of experience and focusing on a niche and custom product offering, the Summit team has achieved exceptional, above-industry growth, and we plan to build on that success through investments in technology, capabilities, and capacity.”
“We are excited about our partnership with LongueVue Capital, as their deep industry relationships and track record of successfully supporting middle-market businesses will help Summit effectively navigate the next phase of our growth,” commented Tom Nathanson. “We are confident that this partnership will be a great cultural fit for both organizations and will allow us to better serve our customers through even broader capabilities and higher service and quality standards.”
“Summit’s remarkable growth trajectory over the past several years is a testament to the Company’s excellent customer service and quality. We are very excited for the opportunity to partner with Summit’s management team as they continue to build the Company into a best-in-class manufacturer,” added Paul Ebbert, who recently joined the LVC team as an Operating Partner to support the firm’s Specialty Packaging investment strategy. Prior to LVC, Paul held various senior leadership positions in the specialty packaging and plastic sectors, across both operations and sales and marketing, including having served as Executive Vice President for Fortune Plastics, Vice President of Sales for Clondalkin, NA, and most recently as a Vice President at Novolex.
Ryan Nagim stated, “We could not be more pleased to have Paul join our team. Not only does Paul share our partnership approach and commitment to driving value creation in middle-market companies, but he also brings over 30 years of leadership experience and unparalleled expertise in the packaging industry. He will be invaluable in supporting our origination, diligence, and execution efforts, as well as providing strategic guidance post-closing.”
Rick Rees, LVC’s Co-Founder and Managing Partner, added, “Paul is the ideal partner to help support both our investment in Summit and our broader packaging strategy. Paul is a terrific cultural fit with LVC, and we are extremely excited to have him as a resource for our portfolio companies.”
Origin Bank provided senior debt financing in support of the transaction.
LVC’s legal counsel was provided by Jones Walker LLP and Baker, Donelson, Bearman, Caldwell & Berkowitz, PC. Summit’s legal counsel was provided by Squire Patton Boggs LLP.
To learn more information about Summit and the Company’s products, visit www.summitplastics.com.
ABOUT LONGUEVUE CAPITAL
Founded in 2001, LongueVue Capital is a New Orleans-based private equity firm that focuses on providing human capital, financial capital, and a skill set built upon a successful 20-year track record of partnering with entrepreneurs and management teams to drive value creation in middle market companies. Having managed over $500 million of capital spanning three funds coupled with 150 years of combined operating and investing experience, our team is the ideal partner for middle market companies at inflection points and seeking to maximize value.
Our opportunistic investment strategy provides the flexibility to partner with attractive businesses across a variety of industries and situations, and we tailor transaction structures to meet the company and stakeholders’ objectives. While we are selective with our investment strategy, we target growth-oriented companies with scalable, sustainable business models and exceptional leadership teams.
Our proactive, hands-on approach enables us to be thoughtful stewards of our portfolio companies and trusted and dependable strategic partners to all stakeholders. Together with our entrepreneur and management team partners, we help create superior value for our portfolio companies and investors.