Packaging Plus, LLC
Century Park breeds success by making it a priority to know the individuals at their portfolio companies on a personal level. This facilitates communication and helps us establish and accomplish our goals, and resolve issues efficiently.Joe Rokus
Packaging Plus, LLC was sold to an industry participant. Prior to the transaction, the company was an integrated, single-source provider of packaging solutions. The company’s products and services included thermoforming, injection molding and contract packing.
- Complete customer solutions provider
- Strong new product development capability
Headquarters – La Mirada, California
Industry – Packaging
Packaging Plus was owned by its founder who was interested in selling a majority of his company in order to diversify his personal net worth and spend more time with his family. At the time, Century Park had a relationship with Joe Rokus, a seasoned executive with substantial experience in the plastics industry who had previously executed a successful roll-up in the plastic bottle manufacturing sector. Century Park and Mr. Rokus viewed Packaging Plus as a well-positioned company in the contract packaging space with an opportunity to grow in the thermoforming market both organically and through acquisitions.
How We Helped
Century Park listened to the goals of the founder and the existing senior management of Packaging Plus, and structured a transaction that provided liquidity while also allowing the founder to step out of the business and entrust it to an experienced packaging executive brought in by Century Park. Century Park also created an option pool for management to allow the key members of Packaging Plus to participate in the company’s growth.
As soon as the transaction was consummated, Century Park helped management implement key initiatives and pursue strategic acquisitions. The actions strengthened Packaging Plus’ position in the industry, and helped expand the company’s capabilities and geographic presence. The company was ultimately sold to an industry player in the thermoformed packaging industry. Some of the key steps taken under Century Park’s ownership included:
- Completed four separate strategic add-on acquisitions, which served to diversify the company’s product line, expand thermoforming into food packaging and increase technical capabilities.
- Recruited and hired a new CEO, CFO, COO and Plant Manager.
- Vertically integrated certain operations by adding two extrusion lines which improved the company’s cost structure.
- Expanded from a single location in Southern California to multiple facilities, which in turn increased the company’s geographic reach and revenue base.
- Implemented a management incentive stock plan for existing and new management.