Chiltern Capital has backed the corporate carve out and sale of Strata Products, a manufacturer and distributor of fully recyclable plastic products for home, office and garden markets, to its management team.
Formerly owned by Berry Global Inc, a Fortune 500 manufacturer and distributor of plastic packaging products with its UK headquarters in Northamptonshire, Strata has an established reputation with over 300 major retailers in the UK and overseas.Having decided that Nottinghamshire-based Strata was no longer a core part of its current strategy, Berry engaged Grant Thornton to manage a disposal process for the business.
The Grant Thornton team in the East of England worked closely with Strata management and Berry to understand their requirements from a transaction. The team ran a focussed transaction process delivering a number of attractive offers.
The management buyout was led by Jay Ilsen, CEO, who said: “Strata has a proven history of manufacturing high quality innovative plastic products, and we look forward to continuing to work closely with our trusted customer base.
“With Chiltern’s support, we will drive growth in the UK through new product development, as well as continuing our expansion in Europe and North America.”
Mike Tillson, partner at Grant Thornton, added: “This transaction has delivered a great outcome for all parties. Strata is now well placed to continue its growth in partnership with Chiltern.
“This deal demonstrates the continuing appetite from buyers and investors for well managed mid-market businesses, and we wish Jay and his team all the success for the future.”
