Mount Kisco, New York-based private equity firm Kohlberg & Co. LLC has agreed to acquire Pleasant Prairie-based PPC Industries Inc.
PPC designs and manufactures custom tubing, films and bags for the medical, food and industrial markets. It has seven facilities in North America, Central America, Europe and Asia.
Kohlberg’s capital and background in packaging and medical devices investments are expected to accelerate PPC’s growth, partially through acquisition.
“We are extremely impressed with PPC’s high quality product offering and deep customer partnerships, supported by its robust new product development pipeline and state-of-the-art manufacturing capabilities,” said Seth Hollander, partner at Kohlberg. “We look forward to working closely with the company to support its continued growth and development, both organically and via acquisition.”
“Kohlberg & Co. is an excellent fit for PPC,” said Jonathan Waldron, chief executive officer of PPC. “This transaction will give PPC access to capital, and it positions the company to continue to thrive in the future. We look forward to working with Kohlberg to continue to provide our customers with innovative, high quality specialty plastics solutions.”
Charlotte, N.C.-based Babson Capital Management has provided a senior secured credit facility to support the acquisition. Lincoln International acted as a financial advisor to PPC, and Fried, Frank, Harris, Shriver and Jacobson LLP acted as legal advisor to PPC. Kohlberg was advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP.
Kohlberg has completed 63 platform investments and more than 100 add-on acquisitions since it was founded in 1987. It has invested more than $3 billion total.
Representatives of Kohlberg and PPC could not be reached for further information.