Seacoast Capital has announced a $5m subordinated debt investment in Pluto, which was the firm's sixth 2017 non-controlling platform investment.
Founded in 1913, and headquartered in French Lick, Indiana, Pluto provides comprehensive and custom packaging, blow molding, and assembly services for the global leading providers of liquid home cleaning products.
Seacoast’s investment in Pluto was in support of the acquisition of the company by Louisville, Kentucky-based Derby Supply Chain Solutions.
Derby Supply Chain Solutions, a portfolio company of New York-based Hyde Park Holdings, is a provider of business outsourcing services to Fortune 500 companies. Hyde Park Holdings is the New York-based family office of the Laurence Levy family.
“With our investment in Pluto, Seacoast was able to partner with a niche packaging leader with a long and impressive history of demonstrated success,” said Tom Gorman, a Partner with Seacoast Capital.
“The operational flexibility provided by its “Total-in-Plant” capabilities allows for Pluto to deliver on highly complex packaging projects typically not seen in the lower middle market. We are very excited about our relationship with Pluto,” continued Alan Rich, a Vice President at Seacoast.
“In Seacoast, we were able to find an investor that would not only provide us with the growth capital we needed to meet our strategic plan, but would also allow us to retain control of the business; had previous packaging industry expertise; and showed the ability to understand the nuances of the CPG space, our largest customer group,” said Hyde Park CEO Laurence Levy.
Founded in 1994, with offices in Boston, MA and San Francisco, CA, Seacoast Capital invests non-controlling growth capital in partnership with management in lower middle market companies. Seacoast is industry agnostic and typically invests $5 million to $25 million of capital in companies with $10 million or more in revenue and $2 million or more of EBITDA