Summit Plastics  a LongueVue Capital portfolio company and manufacturer of custom packaging solutions, is pleased to announce its successful partnership with fifth generation owner Tim Fredman of Fredman Bag Company  a niche-manufacturer of printed and converted custom flexible packaging products. Fredman represents the third acquisition for Summit since LVC's investment in 2020.

Based in Milwaukee, Wisconsin and founded in 1889, Fredman specializes in custom flexible packaging serving a diversified customer base and end-markets, including food & beverage, healthcare/medical, agriculture, industrial, and retail. Fredman operates a 50,000 square foot facility with state-of-the-art printing and converting capabilities. Given Summit's recent acquisition of Fredman coupled with the ClearView Packaging transaction in 2021, Summit continues to broaden its geographic presence, expand its product offerings, and create a vertically integrated platform better able to serve customers across the packaging value chain.

"We are delighted to partner with Fredman," commented Tom Nathanson, Chairman of the Board of Summit. "This transaction further expands our market reach and adds to our product capabilities. We welcome the talented employee base at Fredman and look forward to their contributions to the combined business."

Todd Romer, President of ClearView Packaging, a subsidiary of Summit, added, "We are very excited about the addition of the Fredman team. Fredman and ClearView are very similar; however, Fredman adds new capabilities that complement our current product offerings. We are also both multi-generational family businesses with a strong focus on our culture and employee base. This is an exciting partnership for Summit and will add tremendous value to our customers."

"Partnering with Summit and ClearView will enhance our ability to support our employees, customers, and suppliers. We have known and respected the ClearView family for decades, and our employees are excited for the growth and opportunity as part of a larger platform. The key to our partnership decision was people and culture, and we found a great fit in LVC, Summit and ClearView. We look forward to working together," stated Tim Fredman, President, Fredman Bag.

"The acquisition of Fredman is a great development for Summit," added Ryan Nagim, Managing Partner of LVC. "Fredman's multi-generational history and strong reputation is a significant addition to our Summit platform. We look forward to helping maximize the potential of the combined Summit, ClearView, and Fredman entity."

Operating Partner Paul Ebbert, Principal Evan Golden, and Associate Baker Saslow worked alongside Ryan Nagim on the Fredman transaction. Origin Bank provided senior debt financing. Summit's legal counsel was provided by Jones Walker LLP.

To learn more information about Fredman and the Company's products, visit www.fredmanbag.com.

To learn more information about ClearView and the Company's products, visit www.clearviewpackaging.com.

To learn more information about Summit and the Company's products, visit www.summitplastics.com.

 

Source:prnewswire.com

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