Huron Capital Completes Recapitalization Of Bloomer Plastics
Monday, June 18, 2012
Huron Capital Partners LLC announced that it has recapitalized Bloomer Plastics, Inc. to support management in its growth plans. The transaction marks the 57th investment overall for Huron. Based in Bloomer, WI, Bloomer is a 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. 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."
Huron Capital is a private equity firm investing in lower middle-market companies.