GRAND RAPIDS —Packaging manufacturer Precision Poly LLC has new owners.
The Grand Rapids-based company that makes blown film bags and rolls for flexible packaging applications was acquired this week by Transcendia Inc., a Franklin Park, Ill.-based firm specializing in customizing plastic film structures, according to a statement. The deal included Precision Poly’s parent company, Spire Flexpack Inc.
The acquisition “enhances Transcendia’s growing food and beverage segment through the addition of complementary multi-layer blown film technologies and an SQF [safe quality food] rated facility location,” stated Andy Brewer, president and CEO of Transcendia.
The deal marks Transcendia’s sixth strategic acquisition over the last five years, according to the company. Terms of the transaction were not disclosed.
According to Precision President Parnell Olson, the companies’ portfolios of food and industry products “complement” each other.
“We are well positioned for growth with the addition of Transcendia’s national infrastructure, diverse film manufacturing and converting capabilities and resources to expand our business,” Olson said in a statement.
Spire Flexpack was advised by Cleveland, Ohio-based banking firm KeyBanc Capital Markets Inc. and Atlanta, Ga.-based law firm FisherBroyles LLP. Transcendia was advised by New York City-based law firm Fried, Frank, Harris, Shriver & Jacobson LLP and Chicago, Ill.-based consulting firm Richter Consulting Inc.
EDITOR’S NOTE: This story has been updated from its original version.