Mason Wells Announces the Sale of Mullinix Packages, Inc.
For more information, contact: Thomas G. Smith, 414-727-6416; Jay J. Radtke, 414-727-6405
MILWAUKEE, WI (July 18, 2016) – Mason Wells announced the closing of the sale of Mullinix Packages, Inc. (“Mullinix” or the “Company”) a Mason Wells Buyout Fund III portfolio company, to Sabert Corporation, a leading global manufacturer of innovative food packaging products and solutions.
Mullinix is based in Fort Wayne, Indiana, and extrudes and thermoforms food packaging products using a wide array of plastic materials. The Company is a leading player in the solid case-ready meat tray market, providing over 200 customers with innovative packaging solutions and advanced technology in barrier packaging and extending shelf life. The Company offers a mix of custom and stock products to the food service and food processor markets including hinged containers, deli containers, microwavable/ovenable trays, drink cups, and sleeved cups.
“We are very proud of the success Mullinix has achieved during our 5 years of ownership,” said Tom Smith, Executive Managing Director of Mason Wells. “During that time, we made substantial investments in equipment and technology that enabled the Company to achieve volume growth of over 50% and substantial margin gains under the leadership of an incredibly talented management team. We are pleased to know the company and team will continue to thrive as part of Sabert Corporation, which shares our philosophy of profitable growth through innovation and investment.”
Sabert Corporation is a global manufacturer of innovative food packaging products and solutions. The company was founded in 1983 on a single mission: to enhance and advance the way people enjoy food. Today the company designs, manufactures, and distributes a wide spectrum of packaging solutions for food distributors, restaurants and caterers, grocery stores, national food chains, and consumer entertaining purposes. Headquartered in Sayreville, New Jersey, Sabert operates North American facilities in New Jersey, California and Kentucky, as well as manufacturing facilities in Belgium, Europe, and Zhongshan, China.
“Mason Wells was the perfect partner for Mullinix over the last 5 years as the business transitioned from a family-ownership culture while pursuing a growth strategy,” said Gene Gentili, CEO of Mullinix. “With Mason Wells’ support, guidance, and access to resources, we were able to successfully execute on our strategic objectives. We believe the combination with Sabert at this point in our evolution will allow us to offer an even wider breadth of exciting packaging solutions for current and future customers.”
Mullinix was advised by William Blair & Company and Quarles & Brady served as legal counsel.
About Mason Wells
Mason Wells is a leading Midwest-based private equity firm with approximately $1 billion in assets under management across its current private equity funds. Since Mason Wells was formed in 1998, its buyout funds have invested in four specific industry sectors: Packaging Materials & Converting, Outsourced Business Services, Consumer Packaged Goods, and Engineered Products & Services. For more information related to Mason Wells, please visit the firm’s website at www.masonwells.com.