Kirtland Capital Partners Completes Sale of PVC Container Corporation

CLEVELAND, Feb. 17 /PRNewswire/ -- Kirtland Capital Partners announced today that it has completed the sale of its portfolio company, PVC Container Corporation (PVC), the parent company of Novapak Corporation, to Pretium Packaging, L.L.C., which is owned by Castle Harlan Inc.

During its ownership, Kirtland led PVC through a number of strategic and operating initiatives, including a transition to the Novapak name following the integration and rationalization of several of its business divisions, and a go private transaction achieved through a reverse stock split.  

Novapak is a major producer of PET, PP, HDPE and in-line fluorinated HDPE containers for specialty chemical, personal care, healthcare, food, beverage, household and automotive applications. The company is headquartered in Eatontown, N.J., and operates five ISO 9001:2000 certified plants in New York, Pennsylvania, Illinois and South Carolina. The business specializes in small to medium volumes of medium to large size plastic bottles requiring rapid commercialization, customized designs and high package performance.

"Kirtland has been a great partner as we worked to strategically re-position the business while accelerating our growth in faster growing, higher margin products and segments," said Bill Bergen, president and CEO of Novapak.  "They were instrumental in providing our business with resources that were crucial in a number of areas.  Kirtland's operating team helped us to successfully implement an automation program that was a key component in a substantial reduction of our labor costs."

"The PVC management team did an outstanding job of executing the strategic plan and creating meaningful equity value in the company," said John Nestor, chairman of Kirtland Capital.  "PVC represents the last portfolio company to be sold in Kirtland Capital Partners II L.P., which generated a 2.9 times cash-on-cash return on its investments."

About Kirtland Capital Partners

Kirtland Capital Partners is a relationship-oriented private equity firm focused on accelerating the growth of middle-market companies by leveraging its internal operating, financial and strategic resources. For more than 30 years, Kirtland has executed a disciplined investment strategy that has created long-term value in its portfolio companies and delivered superior returns to its investors and management teams. Kirtland invests in niche manufacturing, distribution and business service companies with potential for growth organically and/or through strategic acquisition. The firm has $300 million of capital under management from institutional and individual investors. Kirtland is known for the strong partnerships it builds with its operating management teams and the experience of its professionals.  More information is available at www.kirtlandcapital.com.

SOURCE Kirtland Capital Partners