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SK Capital invests in packaging producer Lacerta Group

January 14/2021

MOSCOW (MRC) -- Lacerta Group, Inc., a leading designer and manufacturer of specialty thermoformed packaging solutions, announced today a strategic investment from funds advised by SK Capital Partners, LP, a New York-based private investment firm focused exclusively on the specialty materials, chemicals and pharmaceuticals sectors, said the company.

SK Capital is acquiring a majority interest in the Mansfield, Mass.-based business. Lacertas co-founders, Ali and Mory Lotfi, will continue to retain a significant ownership stake in the Company. Terms of the deal were not announced.

Privately held since it was founded in 1993, Lacerta is a leading provider of innovative packaging solutions primarily serving the food sector. The Company offers a comprehensive range of custom PET packaging products, including a leading line of tamper-evident products sold under the Fresh N Sealed brand. Lacerta has experienced top-line growth of 25% annually since 2013 driven by a customer-centric model that is supported by product innovation and fulfilment through its extensive in-house manufacturing capabilities. Given that the vast majority of its products are 100% recyclable, and the packaging solutions produced by the Company can be made with up to 100% recycled content, Lacerta promotes a more circular and sustainable approach to food packaging.

Lacerta offers a complete range of manufacturing services, from concept development, prototyping and mold making, to thermoforming, extrusion, printing and quality assurance. The Company operates thermoforming machines capable of producing millions of packages per year. It also has CNC milling machines for mold making and in-house prototyping thermoformers to help turn around prototypes usually within one week. In a rapid response to the needs created by the current pandemic, the Company has also developed a face shield made from PET resin for use by healthcare and retail workers.

SK Capital Senior Director Dave Mezzanotte added, We view Lacerta as a platform that can be grown in a multitude of ways to serve a wider range of its customers requirements. Were especially excited about the opportunity Lacerta has to enable its customers to meet their internal sustainability targets by utilizing packaging thats fully recyclable and incorporating recycled content at increasingly higher levels."

Latham & Watkins LLP acted as legal counsel to SK Capital, and debt financing was led by Citizens Bank, N.A. Citizens M&A Advisory acted as exclusive financial advisor to Lacerta.

As per MRC, SK Capital Partners completed the acquisition of a 39.75% stake, roughly 42.4 million shares, in titanium dioxide maker Venator from Huntsman for roughly USD100 million. The deal includes a 30-month option for the purchase of Huntsmans remaining approximate 9.5 million shares by SK at US2.15/share. Huntsman spun off Venator in a 2017 initial public offering.

As MRC reported earlier, Nanjing Jinling Huntsman, a joint venture between Huntsman and Sinopec Jinling, planned to shut its propylene oxide plant in Nanjing (Nanjing, Jiangsu Province, China) on November 1 for scheduled maintenance. This plant with a capacity of 240,000 tonnes/year of propylene oxide will be closed until approximately 25 November.

Propylene is the main feedstock for the production of polypropylene (PP).

According to MRC's DataScope report, PP imports into Russia increased by 21% year on year to about 202,000 tonnes in the first eleven months of 2020. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.
Author:Anna Larionova
Tags:petroleum products, PP, neftegaz, petrochemistry, Huntsman, SK Corporation.
Category:General News
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