Huntington Solutions to Acquire RADVA Corporation
GREER, S.C.--(BUSINESS WIRE)--Mar 28, 2019--Huntington Solutions, a leading provider of custom-engineered expanded polystyrene (EPS) and expanded polypropylene (EPP) molded foam solutions has agreed to acquire the assets of RADVA Corporation, a Virginia-based manufacturer of protective and temperature-sensitive foam packaging solutions for the medical, pharmaceutical and food industries, among others.
In addition to cold chain capabilities, RADVA custom designs and manufactures EPS and Inter-polymers including ARCEL® for packaging, material handling and component parts. RADVA supplies both Fortune 500 firms as well as early-stage businesses. Founded in 1962, RADVA has a long history of innovation and state-of-the-art production and in recent years has expanded its advanced manufacturing facilities.
“We are excited to join the Huntington organization, which shares our culture of high quality and customer service along with a commitment to reducing environmental impact,” said Stephen Dickens, President of RADVA Corporation. “As part of Huntington, we will be able to offer our customers a wider range of capabilities and expanded reach and services in different markets.”
“We are extremely enthusiastic about the acquisition of RADVA, which will further our reach in the Mid-Atlantic region and bolster our ability to serve customers. RADVA brings a distinct expertise in the cold chain market, providing highly-engineered, temperature-sensitive solutions to its customers,” commented Ed Flynn, President of Huntington Solutions. “We look forward to welcoming Stephen and his team to the Huntington organization.”
“With the RADVA acquisition, Huntington achieves another important objective of its strategic plan,” said Scott Martin, Executive Chairman of Huntington Solutions. “This transaction exemplifies Huntington’s steadfast focus on making significant investments to benefit our customers.”
The transaction, which is subject to certain approvals and customary closing conditions, is expected to close during the second quarter of 2019. Brightwood Capital Advisors, LLC is expected to serve as the sole financing provider to Huntington.
About Huntington Solutions
Headquartered in Greer, SC, Huntington Solutions is a leading provider of custom-engineered shape-molded and fabricated foam made from expanded polystyrene (EPS), expanded polypropylene (EPP) and other advanced resins. The company’s five production facilities, strategically located in South Carolina, Michigan, Ohio and two in Mexico, specialize in the production and assembly of key components utilized in protective packaging, energy absorbing safety materials and temperature controlled containers. For more information, please visit www.hunt-sol.com. Huntington Solutions is a portfolio company of Mill Point Capital.
About Mill Point Capital
Mill Point Capital is a middle-market private equity firm focused on control-oriented investments in the business services and industrial sectors. The firm works with executive partners to leverage its investment professionals’ experience while providing strategic and operational guidance to drive long-term value creation in its portfolio companies. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190328005885/en/
CONTACT: Huntington Solutions
KEYWORD: UNITED STATES NORTH AMERICA SOUTH CAROLINA
INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Mill Point Capital
Copyright Business Wire 2019.
PUB: 03/28/2019 03:48 PM/DISC: 03/28/2019 03:48 PM