CHICAGO, Feb. 5, 2019 /CNW/ -- Mesirow Financial acted as the exclusive financial advisor to Perpetual Recycling Solutions, LLC ("Perpetual" or the "Company") on its sale to DAK Americas LLC ("DAK"), a wholly owned subsidiary of Alpek, S.A.B. de C.V. ("Alpek").
Headquartered in Richmond, IN, Perpetual is a leading post-consumer plastic recycler and producer of rPET flake. The Company's high-quality rPET flake can be used in a range of applications including food, foodservice and drink containers, industrial strapping and fiber for carpet and clothing, among others. The Company's PET recycling operations have an approximate annual capacity of 100 million lbs/yr (~45,000 tons/yr) of high-quality Recycled Polyethylene Terephthalate (rPET) flake.
Peter Zurkow, CEO of Perpetual, commented on the asset sale, "The recycled PET market has gained a lot of momentum in recent years and Mesirow Financial's industry relationships, expertise and senior-level support was instrumental in securing a successful sale of Perpetual's assets. We look forward to transitioning our operations to DAK and value their commitment to furthering the growth of recycling initiatives that have been the foundation of Perpetual."
"We have enjoyed a five-year relationship with Perpetual and successfully advised them through two strategic transactions. We were honored to once again represent Perpetual in this asset sale," said Rocky Pontikes, managing director of Mesirow Financial's Investment Banking group. "Perpetual and DAK are very complementary and I am confident that the recycling business and end-use markets will continue to grow under the new watch of DAK Americas."
The transaction represents another successful assignment completed by Mesirow Financial's Investment Banking group. With extensive sector-specific expertise and deep long-standing relationships, Mesirow Financial's team has a proven track record of completing successful transactions.
About Perpetual Recycling Solutions, LLC
Established in 2012, Perpetual Recycling Solutions is a recognized leader in the polyethylene terephthalate (PET) recycling industry. The Company produces a high-quality clean PET flake that is used in food and beverage packaging, high end textiles, and other applications. Perpetual helps companies find long-term recycling solutions for their products, and it invests in the highest-quality technology, processes and people to drive solutions throughout the industry. To learn more, please visit perpetualrpet.com.
About DAK Americas LLC
DAK Americas, headquartered in Charlotte, NC, is wholly owned by Alpek, S.A.B. de C.V. of Monterrey, Mexico. DAK is comprised of five business units: Polyethylene Terephthalate Resins (PET), Polyesters Staple Fibers (PSF), Monomers/ingredients (TPA/PTA), Specialty Polymers and Green Polyester. DAK is one of the largest integrated producers of PET resins in the world and the main producer of polyester staple fibers in the Americas. DAK is focused on the future with numerous sustainability initiatives across its businesses. To learn more, please visit dakamericas.com.
About Alpek, S.A.B. de C.V.
Alpek is a leading petrochemical company operating two business segments: "Polyester" (PTA, PET and polyester fibers), and "Plastics & Chemicals" (polypropylene, expandable polystyrene, caprolactam, and other specialty and industrial chemicals). Alpek is an integrated producer of PTA and PET in North America, the largest expandable polystyrene manufacturer in the Americas, and the only producer of caprolactam in Mexico. Alpek also operates one of the largest polypropylene facilities in North America. In 2017, Alpek reported revenues of U.S. $5.2 billion and EBITDA of U.S. $384 million. The Company operates 26 plants in the United States, Mexico, Canada, Brazil, Argentina and Chile, and employs more than 5,900 people. Alpek is a publicly traded company listed on the Mexican Stock Exchange. To learn more, please visit alpek.com.
About Mesirow Financial
Mesirow Financial is an independent, employee-owned firm founded in 1937. As specialists in investment, risk management and advisory services, we are committed to helping our institutional, corporate and individual clients achieve their objectives. Our professionals are inspired by an entrepreneurial desire to develop tailored solutions that deliver measurable results. To learn more, please visit mesirowfinancial.com.
SOURCE Mesirow Financial