Milwaukee-based private equity firm Mason Wells Buyout Fund III agreed to buy the medical packaging business of Sealed Air Corp. (NYSE: SEE) for $125 million.

Sealed Air, an Elmwood Park, N.J.-based packaging company, decided to sell its rigid medical packaging business — a combination of three previous acquisitions — because it "no longer presents a strategic fit,” says Sealed Air president and chief executive Jerome Peribere in a statement.

In addition to its U.S. office, Sealed Air's subsidiary has facilities in Ireland, the Netherlands and Costa Rica.

The transaction is expected to close in the fourth quarter of 2013.

Sealed Air’s products include Bubble Wrap, Cryovac, Instapak and Shanklin.

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