PMCF Announces Sale of Specialty Plastic Packaging Manufacturer Plas-Pak Industries, Inc. to Nordson Corporation
Feb 01, 2017
Southfield, MI - February 1, 2017 – P&M Corporate Finance (PMCF) is pleased to announce the sale of privately held Plas-Pak Industries, Inc. (“Plas-Pak”) to Nordson Corporation (“Nordson”, Nasdaq: NDSN). Plas-Pak, based in Norwich, Connecticut, is a designer and manufacturer of injection molded, single-use plastic dispensing and packaging products including two-component (2K) cartridges for industrial and commercial do-it-yourself (DIY) adhesives, Dial-a-Dose calibrated syringes for veterinary and animal health applications, and specialty syringes for pesticide, dental and other markets.
Plas-Pak was founded in 1985 and majority owned by Charles M. Frey (“Charlie”), who has been active in the business since inception. Charlie, along with a group of talented employees, has grown the business significantly over the years through a focus on innovation, quality, customer service, and lean manufacturing. He and the Plas-Pak team have developed a large number of proprietary products, some of which have been revolutionary to the industry and received patents. Plas-Pak currently employs approximately 150 people and operates a 160,000 square foot, ISO 9001:2008 facility with significant capacity to accommodate future growth.
Charlie Frey, President of Plas-Pak, noted, “I selected Nordson as the next owner of Plas-Pak because I saw a strong cultural fit with both our customers and employees. I believe Nordson will take good care of our customers and provide our employees additional opportunities for growth.”
“Plas-Pak’s recurring revenue model, proprietary technology, and low-dollar-cost, high-value-add selling proposition are highly complementary and consistent with our existing Nordson EFD product line,” said Jeff Pembroke, Vice President for Nordson’s Advanced Technology Systems segment. “Plas-Pak strengthens Nordson EFD’s position in select industrial end markets, while providing access to a rapidly growing animal health market and broader exposure to the DIY, pesticide and dental markets. We expect to leverage Nordson’s global footprint to accelerate Plas-Pak’s growth beyond its current strong presence in North America. The transaction also aligns with our strategic objective of diversifying Nordson’s Advanced Technology segment through greater participation in less cyclical end markets.”
Charlie selected John Hart and PMCF’s Plastics & Packaging Group to serve as Plas-Pak’s exclusive financial advisor in the transaction. “We are very pleased with our decision to hire PMCF and would highly recommend them to other owners considering a sale transaction. Their expertise and significant involvement in every step of the transaction was critical to making this transaction a success.”