Monomoy Acquires Oliver’s Food Packaging and Equipment Business

By: Monomoy Capital Partners via Business Wire

November 04, 2024 at 06:00 AM EST

The acquisition marks 20 corporate carve-outs, including ten platform investments, all supported by Monomoy’s deep operational experience within the industrial and packaging sectors

Monomoy Capital Partners, a private investment firm focused on private equity and credit investing in the middle market, announced today its acquisition of Oliver Packaging and Equipment (Oliver). The acquisition extends Monomoy’s track record of executing corporate carve-outs, building on the firm’s recent carve-outs of Waupaca Foundry from Proterial, Ltd. and Valtir (formerly Trinity Highway Products) from Trinity Industries, Inc. Oliver will continue to operate under its current management team, led by CEO Mitch Summerfield.

Founded in 1890 and headquartered in Walker, Michigan, Oliver is a leading manufacturer of food packaging systems and bakery equipment. The company also provides compostable and recyclable plastic and fiber-based meal trays and films for growing end markets, including senior meals, education and grocery. Oliver’s significant and growing installed base of high-quality machines and complementary consumable packaging products allows it to partner with a diverse customer base with deep, longstanding relationships across North America.

“Monomoy’s operational value-add in similar businesses and experience in packaging represent a differentiated opportunity to grow Oliver as an independent platform,” shared Oliver CEO Mitch Summerfield. “This partnership adds valuable resources that will allow us to achieve our growth initiatives while maintaining a steadfast commitment to our existing customers.”

“We are excited to welcome Oliver to the Monomoy portfolio,” shared Monomoy Managing Director Mel Bartoul. “Oliver is a clear market leader with a unique customer value proposition and tremendous growth potential. We look forward to working with the management team to ensure Oliver continues to accelerate its growth as a standalone platform.”

In addition to Monomoy’s extensive carve-out experience, the firm has an existing investment in the packaging space, Mac Papers + Packaging, which it acquired in 2020.

“Our partnership with Oliver aligns well with Monomoy’s experience in carve-outs and the packaging sector,” said Monomoy Director Matt Farrell. “Together with the management team, we have already identified significant product, customer and end-market expansion opportunities upon which we plan to execute through organic growth initiatives and strategic add-on acquisitions.”

Kirkland and Ellis LLP provided legal counsel to Monomoy. Mesirow Investment Banking served as exclusive financial advisor to Monomoy, Dechert LLP provided legal counsel to Oliver and TD Cowen served as exclusive financial advisor to Oliver.

About Monomoy Capital Partners

Monomoy Capital Partners is a private investment firm with over $5 billion in assets under management across a family of investment funds. Monomoy invests in the equity and debt of middle-market businesses that can benefit from operational and financial improvement with a focus on manufacturing, distribution and services companies across industrial and consumer product sectors in North America. Please see our website at www.mcpfunds.com for further information concerning Monomoy and its portfolio companies.

About Oliver Packaging and Equipment Company

Oliver Packaging and Equipment Company is a leading manufacturer of heat seal food packaging systems and bakery equipment, a supplier of fiber-based meal trays and recyclable CPET plastic meal trays and film, and a provider of comprehensive aftermarket parts and service solutions to its installed equipment base. The company is headquartered in Walker, Michigan, where the company manufactures all of Oliver Packaging’s heat sealers and slicers. To learn more about Oliver Packaging, please visit the company’s website at www.oliverquality.com.