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Blue Sea Partners Up For Packaging Buy

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Blue Sea Capital has acquired Innovative FlexPak in partnership with the company’s founder Travis Parry, Twin Bridge Capital Partners, and GoldPoint Partners.

Innovative FlexPak (IFP) is a contract developer, formulator, and provider of gels, purees, and liquids in single-serve packaging and other formats including tear-top pouches, pillow sachets, die cuts, and bottles in any shape or size. The company’s products include nutritional supplements, food items, household products and other consumer packaged goods.

IFP has more than 350 employees and operates an SQF-certified facility in Springville, Utah that has the capacity to fill hundreds of thousands of pouches each day through both large and small production runs.

IFP was founded in 2006 by CEO Travis Parry. “My number one focus has always been to serve our customers more effectively, with more products and best-in-class customer service,” said Mr. Parry. “From our first meeting, we knew Blue Sea Capital was the right partner for IFP, and that they would bring incredible resources and industry experience to help us expand, while never losing sight of what has gotten us to where we are today.” Post-closing, Mr. Parry has chosen to maintain a significant ownership position in IFP.

“We’re looking forward to partnering with Blue Sea to take IFP to the next level,” said Ryan Gifford, president and chief financial officer of IFP. “With Blue Sea’s investment, executive bench strength, and industry network, IFP is poised to capitalize upon an inflection point and achieve even greater heights.”

“Travis Parry, Ryan Gifford, and the rest of the company’s management team have built IFP into an outstanding company and we’re proud to support them through this next stage of growth,” said Rick Wandoff, a managing partner of Blue Sea. “Blue Sea Capital has a long history in the contract manufacturing sector, and we recognized the company’s unique blend of best-in-class product formulating, manufacturing, and packaging capabilities, management’s tireless focus on customer service, and the culture of talented people that have gotten IFP to where it is today. We look forward to building on this history of success to continue the company’s impressive trajectory.”

Blue Sea Capital invests in companies that have up to $30 million of EBITDA and enterprise values of no more than $200 million. Sectors of interest include aerospace & defense, healthcare and industrial growth. Blue Sea is headquartered in West Palm Beach, Florida.

“We have canvassed the contract manufacturing sector over many years and identified IFP as a unique and differentiated company with a blue-chip customer base and a compelling value proposition to those they serve,” said Lee Farber, a vice president at Blue Sea. “We are excited to be partnering with this customer-focused management team to drive growth, both organically and via acquisition.”

Twin Brook Capital Partners, the middle-market direct lending arm of Angelo Gordon, served as administrative agent on debt financing to support the buy of IFP by Blue Sea, Twin Bridge and GoldPoint. Chicago-based Twin Brook focuses on loans to private equity-owned companies with EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below. The firm targets senior financing opportunities up to $200 million, with hold sizes across the platform ranging from $25 million up to $150 million. Twin Brook’s products include opportunistic investments in second lien, mezzanine, and equity co-investments.

Twin Bridge Capital Partners makes investments in North American-based small and lower middle-market buyout funds and it also makes non-control co-investments across a range of industries. The firm has raised more than $2.5 billion in capital since its founding in 2005 and has offices in Chicago, Illinois and Winston-Salem, North Carolina.

GoldPoint Partners (formerly New York Life Capital Partners) with more than $13 billion of assets under management, makes equity co-investments, mezzanine investments, and limited partnership investments in private equity funds. Funding for the firm’s activities comes from pension funds, financial institutions and high net worth investors around the world, as well as for New York Life Insurance Company. GoldPoint is headquartered in New York City.

KeyBanc Capital Markets was the financial advisor to IFP.

© 2020 Private Equity Professional | February 21, 2020

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Source: https://peprofessional.com/2020/02/blue-sea-partners-packaging-buy/?utm_source=rss&utm_medium=rss&utm_campaign=blue-sea-partners-packaging-buy

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