Investment Firm Acquires Charter NEX
Pamplona Capital Management, LLP, a global private equity investment firm, is pleased to announce that it has agreed to acquire Charter NEX Films, Inc. The transaction is subject to customary conditions, including expiration of the applicable waiting period under the Hart-Scott-Rodino Act, and is expected to be completed during the first quarter of 2015.
Charter NEX Films is a leading independent producer of high performance polyethylene films. It holds the number one or number two positions in each of its target markets within flexible food and consumer product packaging, and strong, growing positions in medical, pharmaceutical and industrial surface protection end markets. The Company is benefiting from very strong growth in its key product categories, such as stand-up pouches, and is a valued partner for its diversified customer base as a result of its best in class quality standards and manufacturing performance.
Commenting on the transaction, Kathy Bolhous, Chief Executive Officer of Charter NEX, said: “We are delighted to be partnering with Pamplona. We have worked hard over a number of years to become an industry-leader in specialty film products. Since NEX’s 2012 merger with Charter Films, we have accelerated our growth through infrastructure and capacity investments to establish the industry’s leading growth platform. We look forward to continuing this focus on providing our customers with the highest quality products and service and investing for the future under Pamplona’s ownership.”
Martin Schwab, the Partner at Pamplona leading the transaction, commented: “Charter NEX is a first-class business and we are delighted to be partnering with an exceptional management team who have grown the Company substantially over a number of years. We believe there are significant opportunities to continue this growth both organically and through acquisition and we are excited to be part of the business. Pamplona will work with management to accelerate the Company’s growth ambitions by providing long-term financial and strategic support.”
This transaction follows Pamplona’s acquisition last month of a majority stake in Intralign Holdings LLC, a Scottsdale, Arizona-based healthcare company, and of Mobile, Alabama-based BBB Industries, a leading remanufacturer and distributor of automotive parts.
Pamplona is investing its’ fourth private equity fund, Pamplona Capital Partners IV LP, a USD 4 billion investment vehicle, raised earlier this year. Pamplona was advised by Morgan Stanley while Hogan Lovells US LLP acted as legal counsel.
Charter NEX was previously owned by private equity firm Mason Wells. Charter NEX was advised by Houlihan Lokey Capital, Inc. with Quarles & Brady LLP as legal counsel.