May 14, 2014 – P&M Corporate Finance (PMCF) is pleased to announce that it served as the exclusive financial advisor to Placon Corp. (Placon), of Madison, WI in its successful acquisition of Plastic Packaging Corporation (PPC), of West Springfield, MA. PPC is known for its high-quality, injection molded Polyethylene (PE) and Polypropylene (PP) containers, cups, tubs, pails and lids as well as its advanced decorating services for hot to frozen foods in the foodservice and food processing industries.
For over 45 years Placon (www.placon.com) has been a leading designer and manufacturer of innovative custom and stock thermoformed packaging products as well as quality, recycled flake and sheet materials for the retail, food and medical device markets. Continuously setting the bar in thin-gauged thermoformed packaging and environmentally conscious material solutions, Placon provides products that harness the power of tomorrow’s technology and design to solve customers’ challenges today. According to Plastic News, Placon ranks among the top 25 thermoformers in the nation.
“Acquisitions are an important part of our long-term growth plans,” stated Dan Mohs, CEO, Placon Corporation. “Many of our customers use both thermoformed and injection molded packaging. By integrating these technologies, we will broaden our food packaging portfolio and provide our customers with more options and greater value.”
PPC’s 100,000 square foot West Springfield, MA location will bring the total number of Placon operated facilities to 5, which includes the company’s primary headquarters and EcoStar recycling facility situated at its Madison campus location, a distribution center in DeForest, WI and its medical packaging operations headquartered out of Elkhart, IN.
The transaction, the second in just two years for Placon, is indicative of the family-owned company’s strategic plan to expand its breadth and depth of capabilities across multiple foodservice market segments. Similar to the 2011 acquisition of Barger, Placon targeted companies with similar core values and a customer-centric culture.
Placon selected PMCF’s Plastics & Packaging Group to serve as financial advisor for the PPC acquisition. Mohs noted, “PMCF has been a trusted advisor to Placon for over three years now. After our success in working together on the Barger transaction, we asked John Hart and the PMCF team to continue to support us with our acquisition growth plans. We were pleased with PMCF’s guidance and support on this second major acquisition.” PMCF will continue to assist Placon in evaluating future acquisition candidates in North America.