Target: Oliver Products Co.
Sponsor: Berwind Corp.
Seller: Mason Wells
Mason Wells has sold packaging company Oliver Products Co. to Berwind Corp. of Philadelphia, Buyouts has learned.
The transaction closed April 10, Gregory Myers, a senior managing director at Mason Wells, confirmed to Buyouts. Myers declined to discuss the deal further.
Oliver Products, based in Grand Rapids, Mich., serves the food packaging, medical device and bakery equipment markets. It was founded in 1890 and employs 275, according to its Web site. The company also has operations in Pennsylvania, Ohio and the Netherlands.
Mason Wells bought the company in 2007, with BMO Mezzanine Fund supporting the deal with $7.5 million in senior subordinated notes and $1 million in equity, according to Capital IQ. Milwaukee, Wis.-based Mason Wells typically invests in companies generating revenues of $25 million to $300 million, and EBITDA of $5 million to $30 million.
Mason Wells’s investment came from its second fund, which closed at $300 million in 2005. The firm is now investing out of its third fund, which closed with $525 million in commitments in 2010.
Berwind is a fifth-generation, family owned investment management company. Its targets range in size from $75 million to $700 million in revenue, with a sweet spot of $200 million to $400 million, according to its Web site.
Berwind traces its roots back to coal industrialist Edward Julius Berwind, a son of German immigrants born in Philadelphia in 1848 who helped established The Berwind-White Coal Mining Co. in 1886.
Executives at Berwind and Oliver Products were not immediately available for comment.