FOR IMMEDIATE RELEASE – August 6, 2021
Shorehill Capital LLC (“Shorehill”) is pleased to announce the recapitalization of Flexpak, LLC (“Flexpak” or the “Company”) in partnership with the Company’s management team and Brian Kellen, the Company’s founder and CEO. The transaction closed on July 30, 2021. Headquartered in Woods Cross, Utah, Flexpak is a value-added distributor and supplier of packaging supplies, including stock and custom corrugated boxes, polybags, stretch wrap, shrink film, foam, cushioning, mailers, and other related packaging supplies. The Company primarily serves the food, healthcare, biotechnology, industrial, and consumer products industries across Utah and Idaho.
Flexpak was founded in 2002 by Brian Kellen. Since that time, Brian and Flexpak’s senior management and sales teams have led the company through rapid, profitable growth. In conjunction with the recapitalization, Brian and several key management team members have a significant ownership position in the Company. Brian will continue to lead Flexpak as President and CEO and as a member of the Company’s Board of Directors. “I am beyond excited to have found a partner that truly understands and appreciates our business, go-to-market strategy, and ongoing investment in our employees and customers. My management team and I look forward to the next chapter of growth alongside the Shorehill team,” said Brian Kellen.
The Shorehill team has extensive investment experience in value-added distribution companies, especially within the packaging industry. In addition, Shorehill has a successful track record of supporting founder-owned businesses and entrepreneurs like Brian Kellen. In 2019 and 2020, Shorehill was named to Inc. magazine’s list of Top 50 Best Private Equity Firms for Entrepreneurs. “Shorehill is thrilled to partner with Brian Kellen and the Flexpak management team to accelerate pursuit of several attractive organic and inorganic growth opportunities. We look forward to a successful partnership with a dynamic team that is known for its best-in-class customer service and innovative packaging solutions,” said Charlie Denison, Managing Director at Shorehill.
Principal Alternative Credit, the direct lending team of Principal Global Investors, LLC, and GMB Capital Partners provided financing for the transaction. Katten Muchin Rosenman LLP served as legal advisor to Shorehill. Terms of the transaction were not disclosed.
For additional information, please visit www.Flexpak.net.
About Shorehill Capital LLC
Shorehill Capital LLC is a Chicago-based private equity firm with a passion for creating superior companies. We are focused on making control equity investments in North American engineered industrial products, industrial services, and value-added distribution companies with EBITDA between $3.0 million and $15.0 million and add-ons of any size. Shorehill seeks opportunities with differentiated business models where our experience, network and investment management approach can have a significant impact on the performance of the business. For nearly 30 years our partners have worked with middle market business leaders to accelerate growth and improve operational performance through structured investment management plans. For additional information, please visit www.ShorehillCapital.com.