Evanston, Ill., May 24, 2024 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced an investment in Transcendia Holdings, Inc. (“Transcendia” or the “Company”), a manufacturer and converter of custom engineered films.
The investment by Industrial Opportunity Partners led a capital infusion and recapitalization transaction, which was further supported by an investment from Goldman Sachs Asset Management and a new first lien credit facility from General Atlantic Credit’s Atlantic Park Fund. As a result of the transaction, IOP assumed majority ownership of Transcendia, while Goldman Sachs Asset Management, its existing equity sponsor, maintained a significant minority stake.
Tom Ninneman, an IOP Operating Principal, will assume the position of Chairman of Transcendia. Mr. Ninneman 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. Ninneman said, “IOP’s investment provides the Company with additional capital and financial flexibility to continue its significant progress in transformational initiatives to improve its cost structure, optimize the facility footprint and grow the business.”
“We believe Transcendia is a leading, global film manufacturer and converter with a strong, resilient business, and the Company is well-positioned for continued profitable growth,” said Kyle Kirk, Director at IOP. “We are confident in the leadership team’s ability to continue executing the business transformation, delivering consistent, high-quality products and service to customers, and realizing various value-creation opportunities. In addition, we look forward to providing the Company with additional resources to accelerate its momentum and expansion into additional growth markets.”
The acquisition of Transcendia represents the fifth platform investment for IOP’s fourth fund, Industrial Opportunity Partners IV, L.P. Winston & Strawn LLP served as legal advisor to IOP.
About Transcendia
Transcendia, Inc. is a leader in manufacturing and converting custom engineered materials designed to protect products and keep people safe and healthy. The company serves over 2,300 customers globally who rely on its broad material science expertise, extensive technology platform and best-in-class quality systems for their most complex application needs. Founded in 1931, Transcendia has decades of experience working collaboratively with customers to develop film solutions for the healthcare, food and beverage, specialty industrial, and print and publishing end markets. Headquartered in Franklin Park, Ill., Transcendia operates 16 strategically located manufacturing, converting and distribution facilities across six states, Canada and Europe. To learn more, visit www.transcendia.com.
About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with over $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.