CHATEAUGUAY, QC, Aug. 7 /CNW Telbec/ - Ownership of Salerno Plastics
Corp., a packaging solutions provider with plants in Plattsburgh, N.Y., and
Châteauguay, Québec, announced today that a five-partner management group,
with an investment by the Solidarity Fund QFL and Capital régional et
coopératif Desjardins, has bought out Connecticut-based Pegasus Capital
Advisors, L.P., Salerno's owners since 1997.
A leader in supplying custom, high-performance plastic bags, form, fill
and seal products to the insulation, salt, horticultural and chemical markets,
Salerno Plastics, which was founded in Montreal in 1956, employs more than
250 people and has doubled its sales volume in the last four years.
"We have experienced solid growth since 2004, and the company is stronger
than it has ever been," said Salerno president Kurt Strater, a member of the
new ownership group. "The people comprising our management group have been
with Salerno Plastics for five, 10, and in some instances, 20 years. They know
what the business is all about. We are also fortunate to have talented,
dedicated employee teams at both of our plants. We have a vision of where we
want to be and a plan to move forward that will allow Salerno Plastics the
opportunity to continue to grow and prosper in the years to come."
Roger Sullivan, Executive Vice-President, Sales & Marketing, said Salerno
Plastics is poised to expand its market share within its current target
markets as companies transition from paper to the sturdier plastic packaging
preferred by the customer. It is also aggressively pursuing new business
opportunities in its traditional markets, as well as in areas where it has not
historically focused, including the building products market.
"This is an great example of the transferring of a company to a
management team that is dynamic and visionary. Our investment will allow
Salerno to continue its growth and to solidify its foundations in Québec,"
stated Gaétan Morin, the Solidariy Fund QFL's Executive Vice President,
Dave Wiggins, Operating Advisor for Pegasus, is pleased it is able to
turn the business over to the management team that has played an instrumental
role in the company's success. "We are delighted that this transaction leaves
the company in the hands of such capable people who will be able to not only
maintain the continuity of the operation but also build on the momentum to
enable Salerno Plastics to thrive as it meets the challenges in the years to
For further information:
For further information: Paul Vaillancourt III, Torchia Communications,
(514) 288-8290, firstname.lastname@example.org; Source: Roger Sullivan, Executive Vice
President, Sales & Marketing, Salerno Plastics, (518) 563-3636 ext. 19