Mason Wells sells portfolio company, Mullinix Packages
By David Schuyler | Milwaukee Business Journal
Milwaukee private equity investment firm Mason Wells said Monday that it has sold its portfolio company, Mullinix Packages Inc. of Fort Wayne, Ind., for an undisclosed sum.
Mullinix is a provider of plastic packaging products to food processors and the foodservice industry. Mason Wells Buyout Fund III sold the company to SabertCorp., a global manufacturer of food packaging products.
Sabert is based in Sayreville, N.J., and operates North American facilities in New Jersey, California and Kentucky, as well as manufacturing facilities in Belgium, Europe and Zhongshan, China.
With the addition of Mullinix, Sabert’s annual sales will exceed $500 million, Sabert said in a press release.
“Mullinix has an experienced and talented team with superior technical capabilities,” said Albert Salama, founder and CEO of Sabert. “Their market-leading position with food processors combined with Sabert’s product offerings, global presence and resources will allow the new organization to deliver even greater value to the market.”
Mullinix extrudes and thermoforms food packaging products using a variety of plastic materials. Under five years of Mason Wells ownership, the company achieved volume growth of more than 50 percent and substantial margin gains, said Tom Smith, executive managing director of Mason Wells.
Mullinix was advised by William Blair & Co. and Quarles & Brady LLP served as legal counsel. Mesirow Financial served as Sabert’s exclusive financial adviser and Gibbons PC served as Sabert’s legal adviser.