Adelphos Capital, an institutional investor headquartered in Greenville, announced May 7 that it has acquired the stock of Milliken Packaging Corp., a subsidiary of Milliken & Company, a global innovation company with performance and protective textile, specialty chemical, and floor covering manufacturing expertise.
Effective immediately, Milliken Packaging Corp. will be known as Par Packaging Company and will continue the production, sale, and distribution of Milliken’s line of flexible packaging products, which includes the MPak™ and KPak® designs. This line of products produced at the plant located at 190 Pin Oak Lane, White Stone, is not currently aligned with the three major manufacturing divisions of Milliken & Company.
“This acquisition by Adelphos Capital is a result of Milliken’s ongoing strategic business review process and continued commitment to invest in our core competencies,” says J. Harold Chandler, Milliken & Company president, CEO, and chairman. “We will assist Adelphos Capital during the transition in all areas possible to support the associates and the community of White Stone.”
The Par Packaging management team will be led by Jake Cahill, a 30-year veteran of the packaging industry.
“We are excited about the opportunity to work and reinvest alongside the great people at the White Stone plant,” Cahill says. “Our priority will be providing long-term stability and success to the business and the community. The acquisition includes the manufacturing plant, located in the White Stone community of Spartanburg County, and the current 16 associates.”
David Moody, president of Milliken’s Chemical Division says, “Our foremost consideration was the future of our packaging associates, who are integral to this business. While continuing in this space was not the right fit for Milliken, we are excited to see Par Packaging purposefully invest and grow what we began. Under their vision and management, the packaging business is poised to thrive in the marketplace, and we are confident our outgoing associates will do the same.”
Led by the principals of Greenville-based RealOp Investments, Adelphos Capital collaborates with proven operating partners to invest in lower-middle market companies with revenues of $1 million to $100 million to facilitate management buyouts, accelerate growth plans, and recapitalizations.