Wellspring Capital Acquires SupplyOne
Wellspring Capital Management LLC ("Wellspring"), a New York-based private equity firm, today announced that it has closed the acquisition of SupplyOne Inc., a leading value-added distributor and converter of packaging products. Financial terms of the transaction were not disclosed.
Founded in 1998 and headquartered in Newtown Square, Pennsylvania, SupplyOne primarily serves middle-market customers in the food & beverage, manufacturing, consumer products, e-commerce and healthcare end markets. SupplyOne is a manufacturer of custom corrugated products, plastic thermoforming trays and clamshells, and custom pressure-sensitive labels. It distributes a wide variety of packaging supplies, packaging equipment, safety products, and janitorial and sanitary supplies.
John Morningstar, a Managing Partner of Wellspring who leads the firm's investment effort in the packaging sector, said, "The acquisition of SupplyOne is an exciting opportunity to build on Wellspring's successful track record in the packaging sector. SupplyOne has built an impressive platform over the past two decades, with a strong geographic footprint across the United States, and a unique ability to add value to its customers' businesses by lowering total packaging costs. We are excited to support SupplyOne through its next phase of growth."
Matthew Harrison, a Partner of Wellspring, commented, "There are strong industry tailwinds for SupplyOne's core products and industry-leading packaging programs. SupplyOne is exceptionally well positioned to capitalize on these compelling trends. We look forward to partnering with the SupplyOne management team, led by Bill Leith, to pursue a range of growth opportunities, including internal initiatives and select acquisitions."
Bill Leith, Founder and CEO of SupplyOne, added, "We are very pleased that Wellspring has invested in SupplyOne given the firm's history of building successful businesses in the packaging sector. We are extremely proud of what our management team has accomplished since our founding and to have attracted a partner with the financial and operational resources to help us accelerate our growth trajectory. The future is very bright for SupplyOne."
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Wellspring in the transaction.