P&M Corporate Finance Advises Placon Corporation on its Acquisition of Medical Thermoformer Barger Packaging
Nov 21, 2011
Southfield, MI – P&M Corporate Finance (PMCF) is pleased to announce that it served as exclusive financial advisor to Placon Corporation (Placon) in its strategic acquisition of Barger Packaging, Inc. (Barger), a division of Welch Packaging Group. Based in Madison, Wisconsin, Placon is a leading family-owned company that manufactures stock and custom thermoformed packaging and sheet for the medical, retail, and food markets. Barger, based in Elkhart, Indiana, is a medical and pharmaceutical manufacturer of both sterile and non-sterile thermoformed packaging. The acquisition positions Placon as one of the top three medical thermoformers in the United States.
Barger's diverse offerings, including thermoforms, protective packaging, Tyvek® lidding and cartons, complement Placon’s medical product suite. A standout in the Barger product group, BargerGard® is an innovative alternative to replace foam and vinyl protective packaging. Via the acquisition, Placon and Barger have combined their strengths and offerings creating a powerful resource for the design, development, and production of sterile and non-sterile medical packaging systems.
Barger Packaging was founded in 1887 and began developing its medical packaging solutions 40 years ago. Placon plans to maintain the Barger brand name and operate it as a division of Placon Corporation. Additionally, Placon will combine the medical sales teams into one organization and continue to operate both the Madison and Elkhart ISO Class 8 (100,000) clean rooms. Placon also has outlined plans to reinvest in Barger’s Elkhart plant to modernize and further improve their operational capabilities.
Commenting on the process, Dan Mohs, Chief Executive Officer of Placon, said, “Barger is a leader in medical packaging and a strong fit with our strategic plan. We were pleased to have PMCF, led by John Hart, as our financial advisor on this transaction. Their industry expertise and guidance through all the phases of the transaction process were instrumental in making this deal a success.”
Placon selected PMCF’s Plastics & Packaging Group to conduct a nation-wide acquisition search focused on identifying a strong strategic fit offering growth in key markets as well as securing an additional production location. Placon and PMCF reviewed and held discussions with multiple thermoformers in a process that ultimately resulted in a successful transaction with Barger, which closed November 1, 2011.
P&M Corporate Finance is a middle market investment bank providing merger and acquisition advisory services to companies in North America and Europe. PMCF provides a broad range of services including sale advisory, acquisition advisory, capital raising, and strategic advisory. The firm has dedicated industry teams providing services to the plastics & packaging, medical technolgy, diversified industrials and business services industries. PMCF has offices in Chicago and Detroit.