Chicago, Illinois (June 30, 2017) – Traverse Pointe Partners, LLC (“Traverse Pointe”) announced today that it has acquired Redi-Bag, Inc. (“Redi-Bag”). The transaction marks the 2nd investment for Traverse Pointe. Based in Tukwila, WA (a suburb of Seattle), Redi-Bag is a 25 year old manufacturer specializing in polyethylene film extrusion and bag converting serving the distribution, food processing and general industrial markets, primarily in the Pacific Northwest with a focus on seafood and produce packaging. Redi-Bag products include shrink bundling film, box liners, bin & drum liners, wicketed bags, perf-roll bags, pallet covers, sheeting and poly tubing, as well as other custom film packaging.
Jim Ulrich, President and Dan Ulrich, Vice President of Sales founded the company in 1992. & founder of Redi-Bag, Jim stated, “Traverse Pointe Partners represented the ideal purchaser of Redi-Bag. I am confident that they will focus on investing in the business for the future and continue the legacy that we started back in 1992.”
In addition, industry veteran Steve Gendreau will be added to the Red-Bag team as CEO. Steve comes to Redi-Bag with over 25 years’ experience in packaging and plastics. Mr. Gendreau will focus on expanding Redi-Bag’s business into new customers, product lines, and end-markets. Mr. Gendreau stated, “I’m looking forward to joining the team at Redi-Bag. Since 1992, Redi-Bag has built a reputation of out hustling the competition for our valued customers. This “can do” mentality will serve as an excellent foundation as we expand the business.” Both Messrs. Ulrich and Gendreau will serve on Redi-Bag’s Board of Directors.
“The Redi-Bag team has an excellent track record delivering high quality film and packaging products with short lead times.” said Michael Simon, Managing Principal of Traverse Pointe. “We are excited to partner with the existing team and Steve Gendreau. Redi-Bag has a number of tangible immediate growth opportunities, including new products and the entering of adjacent markets; it provides an exceptional platform for growth.”