On March 31, 2010, Solo Cup acquired plastics company InnoWare Plastic from Norwest Equity Partners and Norwest Mezzanine Partners for 24M USD
Acquisition Highlights
- This is Solo Cup’s 1st transaction in the Plastics sector.
- This is Solo Cup’s largest (disclosed) transaction.
- This is Solo Cup’s 2nd transaction in the United States.
- This is Solo Cup’s 1st transaction in Wisconsin.
| M&A Deal Summary | |
| Date | 2010-03-31 |
| Target | InnoWare Plastic |
| Sector | Plastics |
| Buyer(s) | Solo Cup |
| Sellers(s) | Norwest Equity Partners Norwest Mezzanine Partners |
| Deal Type | Add-on Acquisition |
| Deal Value | 24M USD |
Target
Menomonee Falls, Wisconsin, United States
InnoWare (formerly Duni Corp) is a manufacturer of disposable plastic food containers and converter of premium paper products. InnoWare’s complete in-house design, converting, thermoforming, printing, and embossing capabilities enable it to offer customized and distinctive products to its customers within the foodservice and retail markets. InnoWare designs and manufactures its plastic food containers in Thomaston, Georgia, and its paper tableware products in Menomonee Falls, Wisconsin. NEP partnered with Nick Clementi, a paper and plastic industry veteran, on its investment with InnoWare. Mr. Clementi currently serves on the board of directors and is non-executive Chairman at InnoWare.
Lake Forest, Illinois, United States
| Category | Company |
| Founded | 1936 |
| Sector | Manufacturing |
| Employees | 6,400 |
DESCRIPTION
Solo Cup Company is focused on the manufacture of single-use products used to serve food and beverages for the consumer/retail, foodservice and international markets. Solo has broad product offerings available in paper, plastic, foam, post-consumer recycled content and annually renewable materials, and creates brand name products under the Solo®, Sweetheart® and Bare™ by Solo® names. The Company was established in 1936 and has a global presence with facilities in Canada, Europe, Mexico, Panama and the United States.
| DEAL STATS | # |
| Overall | 2 of 2 |
| Sector (Plastics) | 1 of 1 |
| Type (Add-on Acquisition) | 2 of 2 |
| State (Wisconsin) | 1 of 1 |
| Country (United States) | 2 of 2 |
| Year (2010) | 1 of 1 |
| Size (of disclosed) | 1 of 1 |
PREVIOUS DEAL
| DATE | TARGET | DEAL TYPE | VALUE |
| 2003-12-22 | Sweetheart Cup Owings Mills, Maryland, United States Sweetheart Cup is a manufacturer and supplier of single-service foodservice and beverage-related products in paper, plastic, and foam. Sweetheart has three separate business units: Foodservice, Packaging, and Consumer. Foodservice provides products to independent and large national chain restaurants, schools, business and industry foodservice locations, hospitals, lodging, and recreation facilities. Packaging offers a variety of paper and plastic containers for cultured and dairy products. Consumer products, packaged in retail packs, are marketed for at-home consumption in both Sweetheart and private-label brands sold by leading retailers. | Buy | – |
Seller(S) 2
SELLER
Minneapolis, Minnesota, United States
Deal 13
Norwest Equity Partners and Norwest Mezzanine Partners Acquire InnoWare Plastic
On September 1, 2006, private equity firm Norwest Equity Partners and mezzanine finance firm Norwest Mezzanine Partners acquired plastics company InnoWare Plastic
Acquisition Highlights
- This is Norwest Equity Partners’ 1st and Norwest Mezzanine Partners’ 2nd transaction in the Plastics sector.
- This is Norwest Equity Partners’ 22nd and Norwest Mezzanine Partners’ 28th transaction in the United States.
- This is Norwest Equity Partners’ 3rd and Norwest Mezzanine Partners’ 1st transaction in Wisconsin.
Investment Fate
- InnoWare Plastic was sold to a strategic buyer in 2010 for 24M USD.
| M&A Deal Summary | |
| Date | 2006-09-01 |
| Target | InnoWare Plastic |
| Sector | Plastics |
| Buyer(s) | Norwest Equity Partners Norwest Mezzanine Partners |
| Deal Type | Buyout (LBO, MBO, MBI) |
Target
Menomonee Falls, Wisconsin, United States
InnoWare (formerly Duni Corp) is a manufacturer of disposable plastic food containers and converter of premium paper products. InnoWare’s complete in-house design, converting, thermoforming, printing, and embossing capabilities enable it to offer customized and distinctive products to its customers within the foodservice and retail markets. InnoWare designs and manufactures its plastic food containers in Thomaston, Georgia, and its paper tableware products in Menomonee Falls, Wisconsin. NEP partnered with Nick Clementi, a paper and plastic industry veteran, on its investment with InnoWare. Mr. Clementi currently serves on the board of directors and is non-executive Chairman at InnoWare.
Buyer
Minneapolis, Minnesota, United States
