Merger creates new food packaging platform
MPE Partners has invested in the merged companies of Central Coated Products and Sun America, known as the Company, to establish a new high-performance food packaging platform.
Central Coated and Sun America will continue to operate out of their current manufacturing facilities, with no changes to day-to-day business operations, according to a news release. The Company will offer custom-cut, premium wax paper, paper baking cups and plastic containers to meat, cheese, baked goods and other food processors through both direct sales and distribution.
The Company also sells a wide range of food service wax paper through its Carnation brand.
Industry veteran Dave Furstoss will join the Company as Interim CEO and board member. Furstoss was previously the CEO at thermoformed packaging provider EasyPak and spent more than 17 years with Pactiv, a manufacturer of fresh food and beverage packaging.
Cleveland-based MPE partnered in the investments with Steve Porter, an owner-operator of Central Coated, Russ Romocean, founder of Sun America, and the senior management teams of both businesses.
“Over the last four decades, Central Coated’s mission has been to deliver high-quality, custom wax paper solutions that solve critical productivity challenges for our customers,” Porter said in the release. “I’m proud of what our team has built and excited for the future potential alongside MPE and Sun America.”
William Blair provided advisory services to MPE. Calfee, Halter, & Griswold and BakerHostetler served as legal advisors to MPE. Churchill Asset Management and FS Investments provided financing to support the transactions. PMCF Investment Banking acted as the exclusive financial advisor to Sun America.
“We founded Sun America with a commitment to provide the industry’s premier denesting paper cups and have continued to develop innovative and sustainable paper and plastic solutions for food processors,” Romocean said. “MPE’s shared values and vision, as well as its ability to facilitate the merger with Central Coated, made it the right partner for Sun America.”
