DETROIT, June 18, 2012 /PRNewswire/ -- Huron Capital Partners LLC ("Huron") announced today that it has recapitalized Bloomer Plastics, Inc. ("Bloomer") to support management in its growth plans. The transaction marks the 57th investment overall for Huron. Based in Bloomer, WI, Bloomer is a leading producer of engineered films for use in high performance industrial, medical and consumer end-markets. Huron has partnered with Bloomer's management in a transaction that will provide significant capital to fund Bloomer's ambitious national expansion plans and broaden its product development and customer service capabilities. The Bloomer investment builds on Huron's long-standing expertise in the specialty chemical, adhesives and films industry. This latest investment was made through The Huron Fund III, L.P., a $350 million private equity find raised in 2008.
Neil Lundgren, President and General Manager of Bloomer, stated, "For forty-one years, we have built a highly-responsive custom films business focused on exceeding our customer needs. We are excited about our new partnership with Huron and we are confident that Huron will be a valuable partner for our employees and for our business' pursuit of organic growth initiatives and business acquisitions. Huron Capital's track record for partnering with lower middle market companies to grow into new markets and products while expanding service to existing customers set it apart and we are extremely excited to have Huron as our partners."
In addition, industry veteran Kevin Keneally will be added to the Bloomer team as CEO. Keneally comes to Bloomer with over 20 years' experience in polymers, films and packaging and will focus on growing Bloomer's business into new customers and end-markets. Keneally stated, "I'm excited to be joining the team at Bloomer. With Huron, Bloomer's corporate development resources have grown significantly. Since 1971, Bloomer has built a reputation based on designing unique engineered film solutions for their valued customers. This strategy will be enhanced with a higher level of investment capital and resources for our product breadth and customer expansion plans." Both Messrs. Keneally and Lundgren will serve on Bloomer's Board of Directors.
"Bloomer's management team has proven its ability to deliver exceptional service to its customer base and reliably produce high quality products with short lead times," said Huron Partner Mike Beauregard. "We are excited to partner with this team, including Kevin Keneally, and support Bloomer's next phase of growth."
About Huron Capital Partners LLC
Huron Capital is a leading private equity firm investing in lower middle-market companies. The firm typically invests between $10 million and $70 million in equity to sponsor buyouts, growth initiatives, corporate spin-offs and recapitalizations of growth-oriented niche manufacturing, specialty service, and value-added distribution companies having revenues up to $300 million. Huron seeks opportunities where it can help companies reach their full potential by combining its operational approach, capital and transaction experience with proven operating executives who have the vision, experience, and commitment to grow their businesses.
Since its founding in 1999, Huron has acquired or invested in 57 companies with aggregate revenues in excess of $1 billion. Investments have been made in the USA and Canada in a variety of areas, including print solutions & document management, education, healthcare products & services, specialty chemicals, specialty packaging, consumer products, home decor, passenger transportation services, building products, office furniture components and laboratory testing. Huron Capital currently manages over $600 million in committed equity through three private equity funds, and has offices based in Detroit and Toronto. For more information, please visit us at www.huroncapital.com.
SOURCE Huron Capital Partners LLC