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Huron Capital Completes Recapitalization of Bloomer Plastics
DETROIT, Mich., June 18, 2012 – Huron Capital Partners LLC (“Huron”) announced today that it has recapitalized Bloomer Plastics, Inc. (“Bloomer”) to support management in its growth plans. The transaction marks the 57th investment overall for Huron. Based in Bloomer, WI, Bloomer is a leading producer of engineered films for use in high performance industrial, medical and consumer end-markets. Huron has partnered with Bloomer’s management in a transaction that will provide significant capital to fund Bloomer’s ambitious national expansion plans and broaden its product development and customer service capabilities. The Bloomer investment builds on Huron’s long-standing expertise in the specialty chemical, adhesives and films industry.
Neil Lundgren, President and General Manager of Bloomer, stated, “For forty-one years, we have built a highly-responsive custom films business focused on exceeding our customer needs. We are excited about our new partnership with Huron and we are confident that Huron will be a valuable partner for our employees and for our business’ pursuit of organic growth initiatives and business acquisitions. Huron Capital’s history of partnering with lower middle market companies to grow into new markets and products while expanding service to existing customers set it apart and we are extremely excited to have Huron as our partners.”
In addition, industry veteran Kevin Keneally will be added to the Bloomer team as CEO. Keneally comes to Bloomer with over 20 years’ experience in polymers, films and packaging and will focus on growing Bloomer’s business into new customers and end-markets. Keneally stated, “I’m excited to be joining the team at Bloomer. With Huron, Bloomer’s corporate development resources have grown significantly. Since 1971, Bloomer has built a reputation based on designing unique engineered film solutions for their valued customers. This strategy will be enhanced with a higher level of investment capital and resources for our product breadth and customer expansion plans.” Both Messrs. Keneally and Lundgren will serve on Bloomer’s Board of Directors.
“Bloomer’s management team has proven its ability to deliver exceptional service to its customer base and reliably produce high quality products with short lead times,” said Huron Partner Mike Beauregard. “We are excited to partner with this team, including Kevin Keneally, and support Bloomer’s next phase of growth.”
Certain information herein may contain forward-looking statements which are provided to assist the reader in understanding the beliefs and opinions with respect to future opportunities as perceived by Huron Capital and others quoted herein. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance in future periods to differ materially from any projections or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The issuer of these statements undertakes no obligation to update forward-looking statements if circumstances or estimates or opinions should change except as may be required by applicable securities laws.
