Page 41 - Plastics News January 2021

Business news

Action Point and Signature Selig acquires Performance

Flexible Packaging merge to Systematix
provide packaging solutions

lobal flexible packaging
Gco mpany S el ig has
S-headquartered companies
UAction Point and Signature purchased Performance
Flexible Packaging are set to Systematix (PSI), marking
merge and create a premier the completion of its third
flexible packaging platform. acquisition.PSI supplies
The combination follows after container and packaging
an affiliate of global alternative venting solutions, which
investment firm H.I.G. completed protect container integrity,
growth investments into the eliminate waste and reduce
two firms. Action and Signature shipping costs. It caters to its customers from its
specialise in printing, conversion and supply of roll facility in Grand Rapids, Michigan, US. The acquisition
stock, pouches, and bags for flexible food and consumer is in line with Selig’s strategy to increase growth and
packaging applications. The two companies operate three expand its business model through complementary
facilities in three Californian cities, including Carson, solutions. Selig is a subsidiary of privately held holding
City of Industry, and Commerce.H.I.G. managing director company CC Industries (CCI). CCI president and chief
Ryan Kaplan said: “We believe the combination of Action executive officer Bill Crown said: “PSI is an exceptional
and Signature represents an ideal opportunity to create company with a long history of growth, and has built its
a premier flexible packaging platform at a time when success on solving customers’ problems, a core value
market tailwinds such as changing consumer preferences that Selig shares. “We look forward to supporting both
(e.g., convenience, on-the-go consumption) and shifts to Selig and PSI’s continued growth globally and further
lower-cost packaging should continue to drive growth. “We expanding the combined company’s capabilities and
look forward to supporting Howard, Adrian, Federico, and solutions.” Following the acquisition, PSI will function
their respective management teams as they continue to as a subsidiary of Selig, but it will continue to operate
broaden their customer base, product offering, geographic from its Grand Rapids facility. However, financial
reach, and service capabilities through the company’s details of the transaction have not been disclosed.
next exciting phase of organic and inorganic growth.” Steve Cassidy, President and Chief Executive Officer of
Following the merger, Action and Signature will serve as a Selig added, “PSI’s culture of innovation, service and
full-service flexible food and consumer packaging solutions quality are well-aligned with Selig and will enable us
provider.To complete this investment, H.I.G. will establish to serve customers better as a combined organization
a partnership with Action CEO Howard Applebaum, with expanded capabilities and short, highly responsive
Signature CEO Adrian Backer and Action EVP Federico product development cycles.” PSI president Glenn Dunn
Giacobbe, as well as the current management team, said: “Selig is an ideal partner to support PSI’s team
to provide capital and resources. Signature CEO Adrian in its next phase of growth. “This is a highly strategic
Backer said: “The company has numerous opportunities combination, which expands both companies’ product
to expand and H.I.G.’s capital and resources, particularly lines, enabling us to provide a more comprehensive
around M&A, will help us continue our successful growth solution offering for customers globally. “We will
trajectory.” Together, Action Packaging and Signature continue to focus on the innovative, high-quality
Flexible Packaging specialise in printing, conversion and products and the exemplary service our customers
the supply of rollstock, pouches and bags used for flexible rely upon.” Selig supplies technically differentiated
food and consumer packaging applications. H.I.G. is closure lining solutions to various markets, including
a leading global private equity and alternative assets food, beverage, pharmaceutical, healthcare, personal
investment firm with $42 billion of equity capital under care and more ensuring product safety.
management.

41 Januar y 2021 Plastics News