Tim Ryan, tryan@wolfrivermedia.com
Leader Photo by Scott Williams Wisconsin Film & Bag, 3100 E. Richmond St., announced Thursday that the company has been purchased by packaging company Novolex. The company plans to expand the Shawano plant.
One of Shawano’s largest manufacturers, Wisconsin Film & Bag, has a new owner, the company announced on Thursday.
Novolex, a packaging company headquartered in Hartsville, South Carolina, and owned by investment group Wind Point Partners, acquired Film & Bag for an undisclosed amount. The deal was closed Thursday.
Wisconsin Film & Bag President Jim Feeney said the purchase was a great opportunity for the company.
“We spent a good amount of time looking for our next owner,” Feeney said, adding that Novolex “was a hand-in-glove fit.”
Novolex manufactures packaging for retail, grocery, food service, hospitality, institutional and industrial markets. The company has 37 manufacturing plants with the addition of Wisconsin Film & Bag, according to a news release from the company.
Feeney said Film & Bag wanted an owner that would commit to growing the company in Shawano and worked with an investment banking firm to shop the company around.
“There were 10 or 12 companies we showed the business to,” Feeney said.
He said Novolex was committed to expanding the Shawano plant.
“It’s important we keep this successful plant here,” he said “We’ve got a wonderful group of employees.”
The Film & Bag workforce in Shawano has grown from just over 100 five years ago to nearly 180 today, according to Feeney.
“I wouldn’t be surprised to see that grow to 200 or 210 over the next year,” he said.
Feeney said the plant would expand under Novolex, with additional extruders and an expansion of the recycling facility.
Feeney said there were a number of factors that attracted Novolex to the company, including its sales and distribution strength, and its growth over the last several years.
Feeney said Film & Bag has had 11 record months in each of the last two years.
“We’ve been growing strongly,” he said.
Stan Bikulege, chairman and CEO of Novolex, said the company was excited about the addition of Film & Bag.
“This is important to us because it will further enhance our high-quality packaging choices for customers while advancing our position as the industry leader in sustainability,” he said. “It’s a great fit for Novolex and we will look forward to integrating the Shawano team with our successful Novolex Custom Film & Bag brand. Our focus is to continue to invest in our business and supply our customers with world class paper and plastic packaging products.”
Wisconsin Film & Bag was previously owned by an investment group led by Marquette Capital Partners with co-investors Argosy Private Equity, First Capital Partners and members of management.
Feeney said the sale won’t mean any significant changes to the Shawano operations, aside from the expansion possibilities and the fact that he and Chief Financial Officer Al Johnson will be stepping down in a few months.
He said they will be retiring once the transition has been completed, likely by the end of winter.
Grant Gamble, vice president of Novolex Custom Film & Bag, will oversee both operations.
“After 47 years, it’s time to turn the keys over to a younger me,” Feeney said.
Feeney and Johnson have also been heavily involved in local business and community organizations such as the Shawano Country Chamber of Commerce and Shawano County Economic Progress, Inc.
“Shawano has been a wonderful community to be involved in; we both feel that way,” Feeney said. “The city and the county are important to the state of Wisconsin.”
Wisconsin Film & Bag was founded in 1972 in Oconto as a manufacturer of can liners. The company moved to Shawano’s industrial park in 1983.
It has experienced continuous growth over the last 40 years and invested in state-of-the-art manufacturing systems. The company has won several prestigious awards in recent years for innovation and its unique expertise in the recovery and recycling of post-industrial and post-consumer plastics packaging.