Private equity firm Acon Investments and its affiliates have announced the acquisition of Novipax, a packaging company specialised in absorbent pads for fresh meat and poultry products.
Headquartered in Illinois, Novipax operates four manufacturing facilities and supplies protein processors, tray manufacturers, distributors and grocery chains with its packaging products.
In addition to conventional pad products, the company’s range includes options with qualities such as enhanced absorbency, shelf life extension, theft sensor technology and odour reduction.
As part of the transaction, Novipax’s management team will be shareholders alongside Acon. The financial terms of the deal have not been disclosed.
“Our team is excited to partner with Acon to leverage their experience and relationships across our core and adjacent markets and beyond,” said Keith Schroeder, CEO of Novipax.
“We are further excited about Acon’s plan to invest in our manufacturing facilities, sustainable materials and our growth as we continue to create new and innovative products and find ways to better serve both existing and new customers.”
Ken Brotman, a founding partner of Acon, added: “We believe Novipax is at an inflection point and look forward to bringing to bear Acon’s expertise and resources to help it grow in this exciting new phase as a standalone absorbent pads-focused business.
“Novipax will be able to leverage what Acon can bring to the table as well as the company’s 50+ year history as a leader in absorbents technology to continue to innovate and develop its suite of solutions.”
Earlier this year, Acon bought a majority stake in Sola de Antequera (Alsur), a Spanish producer and distributor of preserved and canned vegetables, for an undisclosed sum.
© FoodBev Media Ltd 2020