Plastic packaging company is part of the Bain Capital Private Equity portfolio.
The private equity firm Bain Capital Private Equity, with U.S. locations in Boston and New York, through its affiliated investment in the plastic packaging company Consolidated Container Co., has purchased the plastics recycling companies Envision Plastics, Reidsville, North Carolina, and Ecoplast Corp., Fontana, California, from founders Massoud Rad and Parham Yedidsion. Terms of the transaction were not immediately disclosed.
(Tamsin Ettefagh, vice president of Envision Plastics, which was profiled in the December 2013 issue of Recycling Today, will be one of the key speakers at the 2014 Paper & Plastics Recycling Conference & Trade Show, in Chicago Oct. 8-10.)
Seth Meisel, a managing director of Bain Capital, says, “We believe that recycling and sustainability are megatrends in the economy. We are excited to support the continued growth of Envision and Ecoplast in building on Massoud and Parham's legacy. We believe that recycling is both a good financial investment and an important industry for our society.”
The two companies will operate as a stand-alone business led by Scott Booth and the companies’ existing management teams. Booth will report to Sean Fallmann, CCC CEO.
Booth says, “This is a tremendous opportunity for Envision and Ecoplast. Parham and Massoud have been fantastic owners of the business, and we wish them the very best in their future endeavors. Speaking for the employees of Envision and Ecoplast, we are excited to partner with our new owners, who also share our vision of growth, and are prepared to continue to invest behind the full potential of our proprietary food grade recycled HDPE (high density polyethylene) and our unique color-matched recycled HDPE technologies as we continue to grow our business."
Envision Plastics was formed in 2001 after obtaining proprietary rights and patented technologies from Union Carbide. At the same time, two newly acquired plastics recycling facilities, in Reidsville and Chino, California, provided the manufacturing platforms needed for recycled HDPE resin production.
Established in 1963, Ecoplast Corp. supplies recycled and custom-compounded resins. The company adds that it is the oldest thermoplastics recycler in California.
CCC, headquartered in Atlanta, develops and manufactures rigid plastic packaging solutions. The company specializes in customized mid- and short-run packaging solutions, serving a diverse customer base in the dairy, household chemicals, food, industrial/specialty chemicals, water and beverage/juice markets. CCC has 56 manufacturing facilities.