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FocalPoint Advises Plastics Recyclers in Combined Sale to Bain Capital

August 15, 2014, 07:31 AM
Filed Under: Mergers & Acquisitions

Envision Plastics and Ecoplast Corporation, (collectively the "Company"), have been acquired by Bain Capital ("Bain"). FocalPoint served as exclusive financial advisor to Envision/Ecoplast. The acquisition is expected to complement Bain's existing investments in the plastic packaging sector, which include CCC. With operations in California and North Carolina, the Company is a leading North American producer of premium recycled and compounded plastic resins and by-products. The Company has developed unique capabilities to process both post-consumer and post-industrial recycled plastic. Collectively, Envision and Ecoplast represent one of the top five recycled plastic resin processors in the United States. The Company has developed a robust suite of intellectual property that includes EcoPrime™, the only recycled high-density polyethylene ("HDPE") resin approved by the FDA for food contact applications, and PRISMA™, the most advanced color sortation and matching capabilities in the industry. The Company will operate as a stand-alone business under CCC led by Scott Booth, the Company's CEO, and the rest of the existing management team.

Seth Meisel, a managing director of Bain Capital, said, "We believe that recycling and sustainability are megatrends in the economy. We are excited to support the continued growth of Envision and Ecoplast in building on the original founders' legacy. We believe that recycling is both a good financial investment and an important industry for our society."

Parham Yedidsion and Massoud Rad, the Company's founders, commented, "We are extremely pleased with the results of this process. We were keenly focused on maintaining the legacy of Envision and Ecoplast, and ensuring a seamless transition for our valued employees and customers, as well as maximizing the value and change that our proprietary technology can drive in the overall plastic recycling landscape. We selected FocalPoint based on their expert understanding of the plastics industry and the world of recycling and sustainability. Their commitment was instrumental in helping us select what we feel is the perfect partner and ultimately closing the transaction."

Regarding the transaction, Nishen Radia, Managing Director at FocalPoint, said, "We are thrilled to announce this closing. Parham and Massoud have built a wonderful business, supported by an outstanding management team, and we thank them for selecting us to help them through this transaction. This represents another closing for our dedicated practice area in the environmental services and recycling space, and we are proud of the process we ran and the partner we found in Bain Capital."

FocalPoint is an independent investment bank, specializing in mergers and acquisitions, private placements (both debt and equity), financial restructurings and special situation transactions. With offices in Los Angeles and Chicago, the firm serves middle market clients throughout the U.S. Since its inception in 2002, FocalPoint has completed approximately $4 billion in transactions.

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