Expands into High Growth Meal Solutions Markets with New Specialty Flexible Films, Containers and Turnkey Systems
YORK, Pa., October 21, 2021--(BUSINESS WIRE)--C-P Flexible Packaging (C-P), a leader in the flexible packaging industry, today announced the acquisition of privately held Sycamore Sales, Inc. d.b.a. Preferred Packaging located in Norcross, Georgia. Preferred Packaging is a manufacturer of multilayer flexible films, thermoformed containers and a supplier of tray sealing equipment for meal solution providers and school systems. C-P is a long-standing portfolio company of First Atlantic Capital, a New York based private equity firm. Terms of the transaction were not disclosed.
This acquisition provides C-P with significant expertise in refrigerated and frozen prepared meal packaging systems including barrier and breathable flexible rollstock and sealing equipment, as well as expanded geographic reach in the Southeast United States. Preferred Packaging brings a variety of manufacturing capabilities including flexographic printing, laminating, slitting, mechanical macro perforating and micro laser perforating as well as thermoforming. Primary markets are prepared meals, value-added produce and processed meats. The company distributes nationally through a network of salespeople and independent sales representatives.
"We are excited to welcome the Preferred Packaging employees and customers to the C-P organization. We saw during the pandemic a significant increase in demand for centrally processed meal solutions to help address food safety concerns and believe this trend will continue. Additionally, our perimeter of the store growth strategy will be enhanced with Preferred Packaging’s capabilities and exclusive technologies." said Mike Hoffman, CEO of C-P.
According to Rick Ivy, President of Preferred Packaging, "We have been dedicated to providing solutions for our loyal customers since the day we started our company 27 years ago. Our turnkey approach has been very successful. We are looking forward to joining the C-P team and offering our customers continued innovations with new expanded capabilities".
"The addition of Preferred Packaging to the C-P portfolio significantly strengthens our capabilities to serve the processed food market while continuing to expand our geographical footprint and adding new market offerings to our diverse mix of products", stated Roberto Buaron, Chairman of First Atlantic Capital.
Emilio Pedroni, Managing Director of First Atlantic Capital stated, "The acquisition of Preferred Packaging shows our commitment to continuing to expand our North American footprint with a diversified portfolio of products. The markets that Preferred Packaging services will expand our reach into new sales channels".
To learn more about C-P Flexible Packaging’s expanded portfolio of flexible packaging products and capabilities, visit cpflexpack.com.
About C-P Flexible Packaging
Founded in 1958, C-P Flexible Packaging is one of the top custom flexible packaging suppliers in the U.S. and supports the growth efforts of some of the world’s leading consumer packaged goods companies. Headquartered in York, PA., C-P operates ten manufacturing plants across North America, employing over 1,000 people. The company brings together a full portfolio of flexible packaging formats spanning HD printed rollstock, premade pouches, shrink sleeves, stretch sleeves, poly bags, roll-fed labels, reclose, cold-seal flow wrap, cleanroom packaging, compostable and recyclable flexible packaging. For more information on C-P Flexible Packaging, visit www.cpflexpack.com.
About First Atlantic Capital
Founded in 1989, First Atlantic Capital is a middle market private equity firm that leverages its extensive consulting and operational experience to acquire middle market companies, seeking to build them up to become market leaders. Since its inception, the firm has completed 88 acquisitions, assembling 22 successful platforms in various industries including plastics and packaging, food and beverage, consumer and industrial products and business services. Notable investments in the packaging industry include Berry Plastics, Ranpak, Captive Plastics, Resource Label Group and C-P Flexible Packaging. For additional information, visit www.firstatlanticcapital.com.
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