M&As: Nelmar sold to Balcan; PPG completes acquisition of coatings manufacturer VersaFlex

Vertically integrated producer of extruded film, form, fill and seal (FFS) films and plastic valve bags, Nelmar Group, which comprises Nelmar Security Packaging Systems, Inc. (Nelmar), Plastixx Extrusion Technologies Inc. (PET) and Plastixx FFS Technologies Inc. (PFT) has been sold to Canadian film and flexible solutions provider Balcan. Terms were not disclosed.

Based in Montreal, Canada, Nelmar manufactures film and heavy-duty shipping sacks that are used in a variety of applications across large and growing end markets, as well as critical security packaging solutions.

Balcan is a leading Canadian integrated manufacturer of custom film and flexible packaging solutions with broad technical and production capabilities. The acquisition of the Nelmar Group will enhance Balcan’s existing portfolio of products by leveraging the company’s operating platform, adds Balcan.

In other news, US-based paints/coatings firm PPG says that it has completed its acquisition of VersaFlex from DalFort Capital Partners. VersaFlex specialises in polyurea, epoxy and polyurethane coatings for water and wastewater infrastructure, flooring, transportation infrastructure, and industrial applications. Financial terms were not disclosed.

VersaFlex is an aggregation of four US-based protective coatings companies, consisting of legacy VersaFlex, Raven Lining Systems, Milamar Coatings and Specialty Products, Inc. The company has approximately 130 employees and three manufacturing sites located in Kansas, Oklahoma and Washington. Its full year 2020 revenue was approximately US$70 million.

DalFort Capital Partners is a sector-focused investment firm based in Dallas, Texas, specialising in partnering with entrepreneurs and management teams in the lower middle market. The company works collaboratively to strengthen a company's strategic and financial position through operational improvements and acquisitions of complementary businesses.

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(PRA)

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