Evanston, Ill., April 29, 2022 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced that it has acquired Raven Engineered Films Division (“Raven EFD” or the “Company”), a business that was recently acquired by CNH Industrial (NYSE: CNHI / MI: CNHI), for a purchase price of $350 million, subject to customary post-closing adjustments.
The Raven EFD business, based in Sioux Falls, S.D., is a leading provider of highly engineered polymer films and sheeting for agriculture, construction, geomembrane, and industrial applications. The Company’s products are designed for critical applications and promote sustainability by protecting Earth’s resources.
Scott Wickersham will continue leading the Company as President and CEO. Mr. Wickersham commented, “We are excited for this next chapter of Raven EFD with Industrial Opportunity Partners. We believe IOP’s operations‐ focused approach will assist us in optimizing all aspects of our business to support continued growth and better serve our customers.”
Dave Mackin, an IOP Operating Principal, will assume the position of Chairman of Raven EFD. Mr. Mackin is a member of IOP’s Board of Operating Principals which is comprised of experienced executives who provide leadership to the businesses in which IOP invests. Mr. Mackin said, “We have been impressed with the job Scott and the management team have done operating the business and preparing it to become an independent company. I am looking forward to working closely with the team to execute on the exciting opportunities we have identified.”
Christopher Willis, Managing Director of IOP, added, “The Raven EFD opportunity demonstrates IOP’s ability to execute public carve-out transactions working closely with corporate sellers. We believe the Company has a strong position in its markets and we are excited to partner with Scott and the rest of the management team in continuing to develop new products and grow the Company.”
Raven EFD represents the first platform investment for IOP’s fourth fund, Industrial Opportunity Partners IV, L.P.
Configure Partners represented IOP in raising the debt financing for the transaction, which was provided by Comvest Credit Partners, Yukon Partners and Norwest Mezzanine Partners. Winston & Strawn LLP provided legal representation to IOP in the transaction.
About Raven EFD
Raven Engineered Films Division has established a well-known reputation for manufacturing and supplying highly engineered polymer films and sheeting to major markets throughout the United States and abroad. As a U.S. manufacturer committed to producing essential film and sheeting to protect Earth’s resources, Raven EFD is dedicated to developing targeted product solutions that solve precise application challenges — integrating sustainable environmental design practices for long-range performance. Learn more about Raven Engineered Films Division at https://ravenefd.com.
About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with approximately $1.5 billion of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $50 million and $500 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com.
About CNH Industrial
CNH Industrial (NYSE: CNHI / MI: CNHI) is a world-class agriculture and construction equipment and services company. Across a history spanning over two centuries, CNH Industrial has always been a pioneer in its sectors and continues to passionately innovate and drive customer efficiency and success. As a truly global company, CNH Industrial’s 37,000+ employees form part of a diverse and inclusive workplace, focused on empowering customers to grow, and build, a better world. For more information, visit CNH Industrial’s website at www.cnhindustrial.com.