November 1, 2012
Wind Point Acquires Hilex Poly
Wind Point to invest in new platform company, Hilex Poly – the industry leading manufacturer of plastic bags used in grocery and other retail stores
Wind Point Partners today announced the acquisition of a new platform company, Hilex Poly. Hilex is the nation’s largest manufacturer of plastic retail bags, in addition to a producer of a variety of film products used in a number of industries. Hilex is a leader in recycling plastic bags and films with its closed loop recycling process and is involved in a number of green initiatives to increase the use of recycle content in all of its products.
Wind Point acquired Hilex in partnership with Stan Bikulege, who has been CEO since 2008. Prior to joining Hilex, Stan served as CEO of Renaissance Mark, a paper label producer. In addition, Wind Point has added Mike Fitzpatrick, Mike Riordan, Steve Hochhauser and Steve Humphrey to the Board of Directors. Mike Fitzpatrick is the former CEO of Citadel Plastics (a former Wind Point portfolio company) and previous President of Rohm & Haas. Mike Riordan is the former CEO of Fort Howard. Steve Hochhauser is the former CEO of Johns Manville. Steve Humphrey is the former CEO of Graphic Packaging.
Michael Nelson, a managing director at Wind Point, commented, “Hilex is a clear market leader with a strong management team, high quality products and excellent customer service. Wind Point and Stan have developed a clear value creation plan to accelerate growth by introducing new products and completing complementary acquisitions.”
"We are extremely excited to partner with Wind Point, they understand this sector and are very supportive of our next phase of growth."
- Stan Bikulege, CEO of Hilex
Stan Bikulege, CEO of Hilex, stated, “First, I want to thank all of our team members for the work they have done to continue to drive Hilex to new levels. Also, want to thank TPG Growth for their support during their ownership. Lastly, we are extremely excited to partner with Wind Point, they understand this sector and are very supportive of our next phase of growth. We think it will be a powerful partnership.”
Senior debt for the transaction was provided by GE Antares, a unit of GE Capital, Fifth Third Bank, Bank of Montreal and KeyBanc. DLA Piper LLP acted as the legal advisor to Wind Point.