Carousel Capital has announced the acquisition, in partnership with packaging executive Jerry Lux, of South Carolina specialty packaging company Copec.
Copec provides high end folding cartons, labels, inserts, hanging tags and envelopes to customers primarily in the home fragrance, tobacco, personal care, pharmaceutical and other consumer markets.
Carousel Capital is partnering with packaging executive Lux, who has assembled a management team comprised of several experienced packaging executives along with existing Copac employees, in acquiring the company from its founder and owner.
Lux founded the specialty packaging division of Cadmus in 1993. Cadmus was subsequently acquired by Cenveo and Lux left the company last November. Following the transaction, Lux and the management team will have significant ownership in the business.
‘We are delighted to be working in partnership with Carousel Capital in acquiring Copac,’ says Lux. ‘Carousel has demonstrated a strong commitment to supporting our growth strategy in the packaging sector that will allow us to capitalize on many opportunities in this economic environment.’
‘Jerry and his management team have an excellent track record of achieving growth in niche packaging markets,’ says Jason Schmidly, a managing partner of Carousel Capital. ‘Copac’s strong performance and reputation with its customers, combined with Jerry Lux’s experienced management team will create a powerful combination in the pursuit of our growth objectives.
Carousel Capital funded the transaction with equity from its third investment fund, Carousel Capital Partners III. Financing for the transaction was provided by RBC Bank. K&L Gates served as legal adviser to Carousel Capital.
Carousel Capital is a private investment firm that invests in companies located in the South Eastern US. Since its inception, Carousel has invested in 28 companies primarily in three targeted growth sectors: business services; consumer products and services; and healthcare services.
