PMCF announces sale of Fremont Plastics to TEQ Packaging
Nov 30, 2015
Southfield, MI – November, 2015 – P&M Corporate Finance (PMCF) is pleased to announce that it served as the exclusive financial advisor to privately held Fremont Plastics, Inc. (“Fremont”) of Fremont, IN in its successful sale to TEQ Packaging (“TEQ”), of Huntley, IL. TEQ is a subsidiary of publicly traded ESCO Technologies Inc. (NYSE: ESE) of St. Louis, MO. Financial terms of the transaction were not disclosed.
Fremont (www.fremontplastics.com) is a manufacturer of high quality sterile-ready and non-sterile thermoformed medical plastic products. Founded in 1980, the Company has carefully earned a position as a trusted and qualified supplier to the medical industry by establishing itself as a vital link in the supply chain. Today, Fremont serves global medical leaders from its state of the art, controlled environment manufacturing facility in a strategically located Midwest location.
TEQ (www.teqnow.com) is a custom thermoformer dedicated to providing high quality thermoformed plastic packaging and products to medical, electronic, and commercial markets. ESCO acquired TEQ from Schawk Inc. in 1997. TEQ operates two facilities in Huntley, IL for the manufacture of class II medical devices including a clean room facility that is ISO 13485:2003 registered and cGMP compliant.
Fremont was founded by Lyndon Tucker, an Indiana-based entrepreneur, and has steadily grown alongside its medical customer base. With the Company’s management team having assumed operational responsibility, Tucker elected to sell the business and will retire following a transition period with TEQ. Fremont’s employees and manufacturing operations will continue, at the current facility, under TEQ’s ownership.
Tucker selected John Hart and PMCF’s Plastics & Packaging Group to serve as exclusive financial advisor for the transaction. Tucker noted, “It was very important for me to find the right buyer that would continue to serve my long-term customers with the same quality and service. At the same time provide opportunities for my dedicated employees. John and his team were instrumental in helping me evaluate prospective buyers and guide me through each step of this once in a lifetime transaction. Without John and his group the process would have taken much longer and potentially without the same worthwhile results. I would highly recommend them to any business owner considering a potential transaction.”