Argand Partners, a New York- and San Francisco-based private equity firm, has agreed to acquire Midwest Can Company and Container Specialties.
Argand Partners, a New York- and San Francisco-based private equity firm, has agreed to acquire Midwest Can Company and Container Specialties.
Founded in 1951, Midwest Can is based in Franklin Park, Illinois. Argand Partners will work closely with Midwest Can management to develop new products, as well as expanding into new geographies, according to the firm.
Midwest Can is a manufacturer of portable fuel containers used for the safe handling, storage and usage of flammable liquids such as gas, diesel and kerosene. The company designs and manufactures PFCs, which contain a FlameShield Safety System, as well as fluid management accessories such as funnels, drain pans and spouts.
The company’s products are sold to customers including farm & fleet, lawn & garden, automotive aftermarket, hardware, and gas & convenience retailers.
Additionally, its container specialties division manufactures custom blow-moulded plastic containers for the food, automotive, chemical, and agriculture industries.
“Midwest Can has undergone substantial change over the last three years as we invested in the business and launched our FlameShield Safety System PFC products, and we are excited to partner with Argand during our next phase of growth as we continue to add more products to our lineup that will complement our industry leading standard PFC offering,” said Jerry Burris, Midwest can’s chief executive officer.
According to Heather Faust, partner and managing director at the New York- and San Francisco-based firm, Argand was attracted to Midwest Can’s leading market position within the portable fuel container market, and “particularly impressed with the leadership they have shown in the industry with respect to safety and innovation”.
“We look forward to partnering with the management team to continue to build Midwest Can’s position in both the portable fuel container and rigid plastic packaging markets,” she continued.
Founded in 2015 by long-time colleagues, Heather Faust, Howard D Morgan, and Tariq Osman, Argand is a middle market buyout firm focused on complex, often contrarian, situations that involve solid, market-leading industrial and industrial oriented consumer and energy businesses. Its portfolio includes Sigma Electric Manufacturing Corp, Brintons Carpets Ltd, OASE Living Water GmbH, and Concrete Pumping Holdings, Inc. Argand has close to USD600 million in capital under management.
The acquisition is supported by a loan facility provided by Benefit Street Partners. Kramer Levin Naftalis & Frankel LLP acted as legal counsel to Argand.
