Spartech adds specialty film producer Tufpak
In a plastics films deal, Spartech LLC has acquired Tufpak Inc. for an undisclosed price.
Ossipee, N.H.-based Tufpak makes custom and stock engineered plastic films for biohazard bags, medical devices and biopharma packaging.
In a Dec. 3 news release, Spartech CEO John Inks said that the acquisition "expands our product line to include medical and biohazard plastic film capabilities, with industry-leading packaging for biological, chemical, pharmaceutical and laboratory research applications."
"We have always admired Tufpak's focus on innovative plastic film development and are proud to welcome them to the Spartech team," he added.
Tufpak was founded in 1976 and specializes in a unique, proprietary polypropylene blown film extrusion process, officials said. The firm's Suprop-brand PP film offers high temperature resistance, enhanced strength, sealability and chemical resistance, they added.
Tufpak owner Mike Wadlinger said in the release that his father acquired the firm almost 29 years ago when it was a commodity bag maker. The family "expanded the company vision" to become a manufacturer of functional products serving the more attractive technical market, he added.
Since October 2019, St. Louis-based Spartech has been owned by private equity firm Nautic Partners of Providence, R.I. Nautic Managing Director Chris Pierce said in the release that the Tufpak acquisition "is consistent with our strategy to increase Spartech's healthcare business and add new capabilities and high margin products to the portfolio."
Spartech was No. 24 in the most recent Plastics News ranking of North American film and sheet manufacturers, with estimated sales of $400 million. The company also ranked No. 42 in the current listing of North American thermoformers, with estimated sales of $41 million. The firm operates 14 U.S. plants and serves end markets including food packaging, aerospace and automotive.
The Tufpak transaction is the third plastics deal of 2020 for Nautic. In March, the firm bought plastic pipe distributor Harrington Industrial Plastics LLC of Chino, Calif. Nautic then used Harrington in July to acquire plastic shapes supplier Aetna Plastics Corp. of Valley View, Ohio.