Salerno Plastics bought by management group
Chateauguay, Que.-based Salerno Plastics has been purchased by a five-partner management group, with an investment ...
Chateauguay, Que.-based Salerno Plastics has been purchased by a five-partner management group, with an investment by the Solidarity Fund QFL and Capital regional et cooperatif Desjardins. The plastic bags, form, fill and seal products manufacturer was previously owned by Connecticut-based Pegasus Capital Advisors, L.P., since 1997.
Salerno Plastics was founded in Montreal in 1956, and employs more than 250 people. The company also has a plant in Plattsburgh, N.Y., and has doubled its sales volumes 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, who is 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.
“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.”
In particular, management noted that the company is pursuing new business opportunities in its traditional insulation, salt, horticultural and chemical markets. Salerno is also looking for opportunities in areas where it has not historically focused, such as the building products market.
“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,” said Pegasus Capital’s operating advisor Dave Wiggins.