Monomoy Acquires Oliver Packaging and Equipment
November 4, 2024
Monomoy Acquires Oliver Packaging and Equipment
THE ACQUISITION MARKS 20 CORPORATE CARVE-OUTS, INCLUDING TEN PLATFORM INVESTMENTS, ALL SUPPORTED BY MONOMOY’S DEEP OPERATIONAL EXPERIENCE WITHIN THE INDUSTRIAL AND PACKAGING SECTORS
NEW YORK (Nov. 4, 2024) – Monomoy Capital Partners, a private investment firm focused on private equity and credit investing in the middle market, announced today its acquisition of Oliver Packaging and Equipment (Oliver). The acquisition extends Monomoy’s track record of executing corporate carve-outs, building on the firm’s recent carve-outs of Waupaca Foundry from Proterial, Ltd. and Valtir (formerly Trinity Highway Products) from Trinity Industries, Inc. Oliver will continue to operate under its current management team, led by CEO Mitch Summerfield.
Founded in 1890 and headquartered in Walker, Michigan, Oliver is a leading manufacturer of food packaging systems and bakery equipment. The company also provides compostable and recyclable plastic and fiber-based meal trays and films for growing end markets, including senior meals, education and grocery. Oliver’s significant and growing installed base of high-quality machines and complementary consumable packaging products allows it to partner with a diverse customer base with deep, longstanding relationships across North America.
“Monomoy’s operational value-add in similar businesses and experience in packaging represent a differentiated opportunity to grow Oliver as an independent platform,” shared Oliver CEO Mitch Summerfield. “This partnership adds valuable resources that will allow us to achieve our growth initiatives while maintaining a steadfast commitment to our existing customers.”
“We are excited to welcome Oliver to the Monomoy portfolio,” shared Monomoy Managing Director Mel Bartoul. “Oliver is a clear market leader with a unique customer value proposition and tremendous growth potential. We look forward to working with the management team to ensure Oliver continues to accelerate its growth as a standalone platform.”
In addition to Monomoy’s extensive carve-out experience, the firm has an existing investment in the packaging space, Mac Papers + Packaging, which it acquired in 2020.
“Our partnership with Oliver aligns well with Monomoy’s experience in carve-outs and the packaging sector,” said Monomoy Director Matt Farrell. “Together with the management team, we have already identified significant product, customer and end-market expansion opportunities upon which we plan to execute through organic growth initiatives and strategic add-on acquisitions.”
Kirkland and Ellis LLP provided legal counsel to Monomoy. Mesirow Investment Banking served as exclusive financial advisor to Monomoy, Dechert LLP provided legal counsel to Oliver and TD Cowen served as exclusive financial advisor to Oliver.