P&M Corporate Finance (“PMCF”) is pleased to announce that it served as exclusive financial advisor to Jadcore, LLC (“Jadcore”) in its sale transaction with Revolution Company (“Revolution”), a portfolio company of Arsenal Capital Partners. Jadcore was owned by the Doti family and Stonehenge Partners, a private equity firm based in Columbus, Ohio.
Jadcore was founded over 40 years ago in Terre Haute, Indiana, by the Doti family with a unique, vertically integrated manufacturing platform focused on recapturing and recycling post-industrial plastic waste, which it supplies to other manufacturers as an economical alternative to virgin materials. In addition, Jadcore manufactures can liners and specialty bags made from post-industrial recycled (PIR) resin. Today the company is one of the largest independent producers of PIR resin in the Midwest, and its operations include comprehensive recycling services, proprietary blending and processing, as well as blown film products for institutional and retail markets made with PIR resin.
“Our focus has been on providing high-quality recycling solutions to the plastics industry since the day my parents started the business in 1974,” said Rob Doti, President of Jadcore. “As the fourth president of the company – succeeding two brothers and my father – it’s truly been a family affair. With our exceptional team of employees, we’re proud to say we have recycled over 2 billion pounds of plastic scrap since our beginning. Our long-term growth strategy has always been to expand into post-consumer recycling, and the opportunity to combine forces with Revolution is an ideal fit.”
The Jadcore shareholders selected PMCF’s Plastics & Packaging Group to serve as their exclusive financial advisor/investment banker in the transaction. Rob Doti commented, “We selected PMCF given their expertise in the plastics industry and long track record of working with both family and private equity owned businesses. John Hart and his team’s guidance throughout the process was invaluable to obtaining our successful transaction outcome.” Managing Partner of Stonehenge Partners, Tom Utgard, also commented, “PMCF clearly understood the unique dynamics of the plastics industry and also brought a wide network of industry relationships. We also appreciated John’s heavy involvement and guidance throughout the process.”
Further commenting on the transaction was John Hart, Managing Director and Leader of PMCF’s Plastics & Packaging Group. “We were proud to represent Jadcore in this transaction. The Doti family, along with support from Stonehenge Partners over the last seven years, have built an industry leader serving the growing plastics recycling industry. Jadcore’s capabilities, approach to serving customers, along with its consistent product quality, made it a truly extraordinary plastics recycling and bag manufacturing company.”
PMCF is a client-centric middle market investment bank providing merger and acquisition advisory services to private, public, and private equity owned companies worldwide. The firm combines expansive industry and transactional expertise with highly engaged, senior-level bankers to create tailored solutions for clients. PMCF has been serving the plastics and packaging industries for over 20 years and has a long track record of successful transactions involving specialty, niche players in these industries.
Centrally located in Terre Haute, Indiana, Jadcore began as a family owned start-up business in 1974 and has grown to one of the largest full-service post-industrial recycling operations in the Midwest. The company serves both large and small plastic manufacturers, processing more than 125 million pounds of plastic material each year. For more information, visit www.jadcore.com.
Stonehenge Partners is an Ohio based private equity fund that focuses exclusively on lower middle market companies. The firm has raised more than $1 billion and are currently investing out of their fifth institutional fund. Stonehenge has a long history of partnering with entrepreneurs and management teams who are focused on improving their companies and building equity value. The firm provides flexible capital that meets the needs of all stakeholders including majority equity, minority equity, debt, and combinations thereof. For more information, visit www. stonehengepartners.com.
Headquartered in Little Rock, Arkansas, Revolution believes in better plastics that help preserve our environment for future generations. Spanning nearly every industry, the company’s family of brands deliver sustainable, high-quality plastic products to both consumers and companies alike. Its brands include Delta Plastics, Revolution Bag, Revolution Ag, Rodeo Plastics, Command Packaging and Polar Plastics. The focus in all areas is to create sustainable circular solutions and use as much post-consumer resin as possible in all products manufactured. For more information, visit www.revolutioncompany.com.
Arsenal is a leading private equity firm that specializes in investments in middle–market specialty industrials and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of $5.3 billion, completed more than 200 platform and add-on investments and achieved more than 30 realizations. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value–add. For more information, please visit www.arsenalcapital.com.
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