Specialty films maker Charter NEX Films explores sale
13 February 2017
Charter NEX Films Inc is exploring a sale that could value the manufacturer of specialty films used in the food and medical industries at around $1.3 billion, including debt, Reuters reported, citing people familiar with the matter.
Private equity firm Pamplona Capital Management, owner of Charter NEX Films, has hired investment banks UBS Group AG and William Blair & Company to explore a sale, the report said.
Pamplona had acquired Charter NEX in 2015 from private equity firm Mason Wells for an undisclosed sum.
Founded in 1989, Wisconsin-based Charter NEX manufactures specialty polyethylene film for food and consumer packaging and for industrial and medical applications.
Around 75 per cent of its films are used in food packaging, but it also serves a variety of other markets, including protective film to cover appliances during shipping; medical, tag and label film; pet food; and lawn and garden.
It has manufacturing facilities in Superior, Rhinelander, and Milton, Wisconsin; and Turners Falls, Massachusetts.