Traverse Pointe Partners (“Traverse”), a private equity firm focused on the lower middle-market, is pleased to announce the sale of its flexible packaging portfolio company, Redi-Bag, Inc. (“Redi-Bag” or the “Company”), to Soteria Flexibles Holdings (“Soteria”), a portfolio company of global investment firm, Ardian.
Traverse Pointe partnered with Redi-Bag in June 2017, with the goal of building the Pacific Northwest’s premier flexible packaging producer. Led by Chief Executive Officer, Athos Ikonomou, the Company further bolstered its presence in the food & agriculture end-markets, re-energized its sales efforts, increased quality and production efficiencies and established itself as a leading flexible packaging provider in the Pacific Northwest.
“Traverse is thrilled about the results of this investment and proud of what we accomplished with our team in Seattle” said Michael Simon, Managing Principal of Traverse. “Soteria was the right buyer to take the Company to new heights. We’ll be rooting for Redi-Bag’s continued success every step of the way.”
Athos Ikonomou, CEO of Redi-Bag, said “Traverse was an exceptional partner that supported our growth and evolution throughout the partnership. They helped transform the business and fuel its growth. We look forward to taking the next leap with Soteria and further expanding our capabilities. Redi-Bag has an extremely bright future and we are grateful to Traverse Pointe for their help to put us in this position.”
Founded in 1992, Redi-Bag 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 flexible packaging.
About Traverse Pointe Partners
Traverse Pointe Partners is a private equity investment firm focused on control investments in lower middle-market companies. Our investment professionals and operating partners offer an array of skillsets and expertise to enhance the value of our platform investments. We partner with strong management teams, providing capital along with operational, financial and strategic support to enable organizations to maximize their potential. To date, Traverse has made four platform investments and Redi-Bag marks the first realized investment.
Mesirow served as the exclusive financial advisor to Redi-Bag and Goldberg Kohn Ltd. served as legal advisor.