prtwo=<b><FONT SIZE="14">Keeping it in the Family: Salerno Plastics Sold to Five-Partner Management Group</FONT SIZE="14"></b>
Ownership of Salerno Plastics Corp., a packaging solutions provider with plants in Plattsburgh, N.Y., and Châteauguay, Québec, announced today that a five-partner management group, with an investment by the Solidarity Fund QFL and Capital régional et coopératif Desjardins, has bought out Connecticut-based Pegasus Capital Advisors, L.P., Salerno’s owners since 1997.
A leader in supplying custom, high-performance plastic bags, form, fill and seal products to the insulation, salt, horticultural and chemical markets, Salerno Plastics, which was founded in Montreal in 1956, employs more than 250 people and has doubled its sales volume in the last four years.
"We have experienced solid growth since 2004, and the company is stronger than it has ever been," said Salerno president Kurt Strater, a member of the new ownership group. “The people comprising our management group have been with Salerno Plastics for five, 10, and in some instances, 20 years. They know what the business is all about. We are also fortunate to have talented, dedicated employee teams at both of our plants. We have a vision of where we want to be and a plan to move forward that will allow Salerno Plastics the opportunity to continue to grow and prosper in the years to come.”
Roger Sullivan, Executive Vice-President, Sales and Marketing, said Salerno Plastics is poised to expand its market share within its current target markets as companies transition from paper to the sturdier plastic packaging preferred by the customer. It is also aggressively pursuing new business opportunities in its traditional markets, as well as in areas where it has not historically focused, including the building products market.
“This is an great example of the transferring of a company to a management team that is dynamic and visionary. Our investment will allow Salerno to continue its growth and to solidify its foundations in Québec,” stated Gaétan Morin, the Solidariy Fund QFL’s Executive Vice President, Investments.
Dave Wiggins, Operating Advisor for Pegasus, is pleased it is able to turn the business over to the management team that has played an instrumental role in the company’s success. “We are delighted that this transaction leaves the company in the hands of such capable people who will be able to not only maintain the continuity of the operation but also build on the momentum to enable Salerno Plastics to thrive as it meets the challenges in the years to come.”