Hilex Poly, a manufacturer and recycler of plastic retail carry out bags and film products, has acquired portions of the North American Flexible Packaging division of Amsterdam-based Clondalkin Group, the company announced. Hilex is backed by Chicago-based firm Wind Point Partners. Terms of the deal were not released. Hilex Poly is based in Hartsville, S.C.
Wind Point Partners announced today that portfolio company Hilex Poly, a manufacturer and recycler of plastic retail carry out bags and film products, has acquired portions of the North American Flexible Packaging division of Amsterdam-based Clondalkin Group. The businesses that Hilex Poly has acquired are Fortune Plastics, Accutech Plastics and Direct Plastics Limited. This transaction will allow the company to continue to diversify its product line, as well as expand its recycling technologies.
Stan Bikulege, Chairman & CEO of Hilex, stated, “We are extremely pleased to welcome the employees of these companies to Hilex. They have developed a great customer base and bring a tremendous new range of product offerings to Hilex that we will continue to expand. In addition, the progressive work undertaken by Hilex in the plastic bag and wrap recycling market can now be expanded to an even wider portfolio of flexible packaging products. We also appreciate the strong support of Wind Point Partners; they understand the importance of this North American manufacturing sector and are highly supportive of this next phase of our growth.”
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
Hilex Poly, 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 award winning 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.