US-based Summit Plastics, a portfolio company of LongueVue Capital (LVC), has completed the acquisition of Fredman Bag for an undisclosed sum.
Wisconsin-based Fredman Bag is said to be a niche producer of printed and converted custom flexible packaging products.
The latest deal is the third acquisition for Summit Plastics, since LongueVue Capital’s investment in the custom packaging solutions maker in 2020.
Founded in 1889, Fredman Bag is a custom flexible packaging firm that serves the food and beverage, industrial, healthcare/medical, retail, and agriculture sector.
Currently, the firm handles a 50,000ft2 facility which is said to have modern and advanced printing and converting capabilities.
Summit Plastics board chairman Tom Nathanson said: “We are delighted to partner with Fredman. This transaction further expands our market reach and adds to our product capabilities.
“We welcome the talented employee base at Fredman and look forward to their contributions to the combined business.”
The acquisition of Fredman Bag and that of ClearView Packaging in 2021 are said to help Summit Plastics increase its geographic presence.
LongueVue Capital said that the deal will also expand the product offerings of the custom packaging solutions maker and build a vertically integrated platform that is better able to serve customers across the packaging value chain.
Fredman Bag president Tim Fredman said: “Partnering with Summit and ClearView will enhance our ability to support our employees, customers, and suppliers.
“We have known and respected the ClearView family for decades, and our employees are excited for the growth and opportunity as part of a larger platform.”