Private equity firm Pamplona Capital Management LLP is buying Charter Nex Films Inc. for an undisclosed amount.
Charter Nex makes polyethylene films used in the packaging of a wide range of products, including food and medicine.
Pamplona plans to grow the company organically and through add-on acquisitions. The firm is investing through its fourth fund, Pamplona Capital Partners IV LP, a $4 billion fund that closed earlier this year.
The deal marks an exit for private equity firm Mason Wells.
Morgan Stanley & Co. LLC acted as Pamplona's financial adviser, while Hogan Lovells US LLP provided legal advice. Houlihan Lokey Capital Inc. advised Charter Nex on the deal, while Quarles & Brady LLP acted as legal counsel.
The packaging sector has hosted many M&A transactions recently. In December, Pretium Packaging acquired Tri-Delta Plastics, and Sonoco's (NYSE: SON) deal for Weidenhammer Packaging Group for $383 million in August.
For more, see Lenders Show Love for Packaging.