Quebec EPS resin maker StyroChem sold to PMC Capital
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StyroChem makes EPS materials for food service, packaging, construction, casting, and specialty applications, and has annual revenues of approximately $100 million.
StyroChem Canada Ltd., a manufacturer of expandable polystyrene (EPS) resin used for food service, packaging, construction, casting, and specialty applications, has been bought by Los Angeles-based private equity firm PMC Capital Group LLC for an undisclosed price.
Headquartered in Baie D’Urfé, Que., just outside Montreal, StyroChem has annual revenues of approximately $100 million, and is led by president Glenn Wredenhagen.
“This partnership with PMC Capital will allow us to continue operating from our facility in Quebec and, most importantly, serve our existing customers and product lines, as well as aggressively pursue growth opportunities, both organically and through future acquisitions,” Wredenhagen said in an Aug. 21 statement.
PMC is buying StyroChem from WinCup Inc., a manufacturer of disposable foodservice products, and is partnering with the existing StyroChem management team on the transaction, the statement said.
StyroChem has a lengthy history. Founded in 1975 as Expandable Technologies, the company was one of the first manufacturers of EPS for food service applications. The business grew with the addition of two production facilities in Fort Worth, Tex., in 1979 and 1981 and manufacture of block and shape grade product lines. In 1983 Expandable Technologies became Texstyrene. The company expanded further in 1984 when the Montreal facility came on line, and then Texstyrene was purchased by Scott Paper in 1988 and became Scott Polymers. A private holding company purchased Scott Polymers in 1996 and it became StyroChem.