Platinum Equity, the parent company of Stow, Ohio-based Mactac Americas, a maker of pressure sensitive graphic films, announces that it has entered into an agreement to sell the film company to Japan-based LINTEC Corp. in a deal worth approximately $375 million.
LINTEC, headquartered in Tokyo, is a manufacturer of adhesive-related films and papers with operations in 15 countries around the world. Mactac Americas operates in the U.S., Canada and Mexico.
Platinum Equity had acquired Mactac from Bemis Co. Inc. in November 2014. Just two months ago, in August, Platinum Equity sold off Mactac’s European business to Avery Dennison.
Platinum Equity partner Louis Samson says Mactac has experienced a significant turnaround in recent years and will join LINTEC with strong momentum.
“We partnered with (Mactac president) Ed LaForge and the company’s management team to transform Mactac by identifying and capitalizing on sustainable operational improvements while driving innovative new products and technologies,” Samson says. “As a result, the company’s financial performance has been superb and the business is well positioned for continued growth and success.”
Samson said Mactac has achieved steady top-line growth, healthy margins and dramatically improved earnings over the past two years and noted that adjusted earnings before interest, tax, depreciation and amortization grew more than 40 percent from 2014 to 2015.
LaForge credits operational support from Platinum Equity and the strong commitment of Mactac’s employees for driving the turnaround.
“We have achieved remarkable success thanks to a lot of hard work from our employees and a strong partnership with Platinum Equity,” LaForge says. “Working together, we implemented operational improvements throughout all areas of our business, invested in world-class manufacturing technologies, and just last year alone launched more than 40 new products.”
LaForge adds that Mactac and LINTEC will be a great fit going forward.
“Our extensive North American presence and unique technologies compliment Lintec’s international footprint and current product portfolio,” says LaForge. “We are excited to join a leading global pressure sensitive manufacturer with an outstanding reputation for innovation, employee and customer focus. This transaction opens substantial opportunities for growth and expansion across many regions and provides both sides with access to proprietary manufacturing capabilities.”
The sale is expected to be completed in the fourth quarter of this year.