Case Study

The Sale of Optimum Plastics, Inc. to Bloomer Plastics, Inc., a Portfolio Company of Huron Capital Partners, LLC

Background

  • Optimum Plastics, Inc. (“Optimum”) is a leading independent manufacturer of custom multi-layer blown film structures of up to nine layers.The company leverages its investment in state-of-the-art technology, strong technical expertise and an experienced sales force to provide customized, mission-critical film solutions.
  • Optimum’s highly technical products serve a wide range of attractive end-markets, including food packaging, automotive and medical, among others.
  • Mesirow Financial Investment Banking was engaged by Optimum to assist in the review of strategic alternatives, including a potential sale of the company.

Action

  • Mesirow Financial’s leading paper, plastics and packaging team leveraged its significant industry experience and deep relationships to structure a targeted marketing process focused on only a handful of strategic buyers.
  • Mesirow Financial worked closely with the Optimum management team to create an Offering Memorandum that highlighted the substantial synergy potential to a strategic acquirer.

Result

  • Optimum received significant interest from the targeted marketing process. Prospective strategic buyers were attracted to Optimum’s strong margins, high value-added blown film products, premium asset base and attractive growth opportunities.
  • Mesirow Financial and Optimum evaluated a wide range of proposals and ultimately entered into a transaction in October 2014 with Bloomer Plastics, Inc. (“Bloomer”), a portfolio company of Huron Capital Partners, LLC.
  • The combination of Bloomer’s custom cast extruded films with Optimum’s blown co-extrusion and barrier films will provide customers with numerous product alternatives, while supporting future growth for the combined company.