A New York private-equity investment firm has acquired a majority interest in the Innovative Folding Carton Company, a provider of custom packaging to the generic and over-the-counter drug industry. The investment gives ICV a presence in the growing pharmaceutical packaging industry. Terms of the transaction were not disclosed.
The 21st Century Group, a Dallas private-equity firm, also provided equity for the acquisition, as did the company's top management.
Based in South Plainfield, New Jersey, Innovative provides high quality folded carton packaging for the pharmaceutical and cosmetics industries, as well as for makers of food supplements and vitamins. The company was founded in 1984 and has approximately 200 employees.
Innovative has established a profitable niche by focusing on private-label and generic drug companies that need short production runs and have frequent packaging changes. It reported revenues last year of more than $37M.
"Innovative has been consistently profitable over the last four years," said Lloyd Metz, an ICV principal. "This is a direct result of its customer-service-oriented culture that sets the company apart from its competitors. We are confident that Innovative is on track to win new pharmaceutical and cosmetics business."
