One of the largest resin distributors in North America has a new owner. Avient Corp. announced Aug. 12 that it is selling its distribution unit to an affiliate of private equity firm HIG Capital for $950 million in cash.
One of the largest resin distributors in North America has a new owner. Avient Corp. announced Aug. 12 that it is selling its distribution unit to an affiliate of private equity firm HIG Capital for $950 million in cash.
Investment firm HIG buys, combines two California packaging makers
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Private equity firm HIG Capital is acquiring Action Point Inc. and Signature Flexible Packaging Inc. and combining them into a single company making flexible food and consumer packaging.
The combination of Los Angeles-based Action Point and Signature of Carson, Calif., provides small and midsized consumer packaged goods customers with a one-stop solution for flexible packaging needs across snacks, meats, candies and baked goods, officials with Miami-based HIG said in a Jan. 5 news release. Products made by Action and Signature include rollstock, pouches and bags.
The combined firm operates three California plants in Carson, City of Industry and Commerce that provide consistent quality, unrivaled lead times and a high-touch service model which supports low minimum order quantities, they added.