Next Generation Films, Lexington, Ohio, and Charter NEX Films, Milton, Wis., announced plans to join forces, creating a new platform focused on leading the specialty films market.
Private equity firms Leonard Green & Partners, L.P. (LGP), Los Angeles, and Oak Hill Capital, the New York-based owner of Charter NEX, completed a definitive agreement with Dave Frecka, founder, owner and CEO of Next Generation Films, Inc., to combine the companies. Frecka will continue as CEO of Next Generation Films. Kathy Bolhous will continue as chief executive officer of Charter NEX Films.
“Charter NEX and Next Generation Films share a dedication to outstanding quality, excellent service and innovation,” says Bolhous. “By blending our complementary assets, capabilities and expertise, we will create a powerful value proposition for our customers. With these two companies combining forces, there’s no limit to what we can do for our customers.”
The Charter NEX and Next Generation Films combination is expected to provide both companies and their customers with significant benefits, including access to new markets, enhanced technical expertise and an expanded manufacturing footprint. The combined company will have 11 manufacturing plants and more than 100 extrusion lines in Ohio, Wisconsin, South Carolina and Massachusetts.
Charter NEX and Next Generation Films plan to maintain their existing management teams and brand identities, operating as two distinct but synchronized divisions of the combined company.
“By joining these two market leaders together, we will be able to offer customers a broader scope of capabilities and product solutions, while leveraging our combined scale to offer the most technically-engineered specialty films,” says Frecka.