Hilex Poly, a sustainable packaging company, has announced it has entered into an agreement to acquire Duro Bag Manufacturing Co.
Hilex Poly Reaches Agreement To Acquire Duro Bag
June 24, 2014
“The acquisition of Duro Bag will enable us to expand our portfolio of 100 percent recyclable products to meet customer demands as well as broaden our reach to other market segments,” says Stan Bikulege, chairman and CEO of Hilex Poly. “We are pleased and excited to welcome the Duro Bag family into Hilex.”
Duro Bag is one of the leading providers of innovative point-of-purchase paper bags to key markets throughout the United States such as food service, specialty retail, grocery and mass merchant. The combined company will have over 3,000 manufacturing jobs in the U.S. and more than 600 in Canada and Mexico.
“Hilex continues to focus on developing products that are recyclable, sustainable and environmentally friendly. We look forward to expanding our capabilities and continuing to provide great products and service to a growing base of customers,” Bikulege says.
Hilex is majority owned by Wind Point Partners, a Chicago-based private equity investment firm. Alex Washington, a managing director at Wind Point, says, “Completing acquisitions was a key value driver we had outlined when we invested in Hilex. The Duro Bag acquisition is a great opportunity to grow our product offerings, providing better value for our customers.”
The transaction, which is expected to close at the end of the second quarter, is subject to customary closing conditions and regulatory approvals.
Hilex Poly LLC
Duro Bag Manufacturing Co.