Milwaukee private equity firm Mason Wells announced its portfolio company, NEX Performance Films Inc. has acquired Charter Films Inc.
NEX has manufacturing locations in Milton, Rhinelander and Turners Falls, Mass. Charter is located in Superior.
The combined companies will be called Charter NEX Films Inc. and owned by Mason Wells, management and co-investors. Charter and NEX’s management teams will lead the company.
Charter NEX manufactures monolayer, coextruded and barrier films, which are used to make flexible packaging for food, industrial and medical applications.
“Mason Wells is excited about the combination of NEX and Charter, and we are pleased to be partnering with the outstanding management teams of these two organizations,” said Greg Myers, senior managing director of Mason Wells. “Both companies have tremendous reputations in the market, and are known for customer responsiveness, operational excellence, and technical leadership. All of it is driven by their dedicated employees and a commitment to providing customers with the highest quality films.”
U.S. Bank provided senior financing for the transaction, while Northwestern Mutual Life Insurance Company supplied mezzanine financing.
“By joining forces, Charter NEX will be able to create greater efficiencies and new growth opportunities, while still providing our customers with the same world-class solutions and services they have come to expect. Our partnership with Mason Wells started in 2010, and this transaction is a huge step forward in our goal of creating the industry leader in blown converter films,” said Kathy Bolhous, Charter NEX’s CEO.