CVC Credit Partners supports Sole Source Capital and Dallas Plastics
25 November 2020
CVC Credit Partners is pleased to announce that it has provided a $60 million first lien loan to support Sole Source Capital's acquisition and growth strategy of Dallas Plastics, a leading manufacturer of blown polyethylene film with printing, embossing, and other value-added capabilities for the medical, food, and industrial end markets.
Founded in 1989, Dallas Plastics is a leading independent producer of high-performance specialty films for multi-use flexible packaging. The company has established itself as a high quality, service-oriented manufacturer that utilizes leading edge technology to best serve its customers. The films are made with the finest quality materials and are carefully processed in a controlled manner, so customers consistently experience a superior product. Dallas Plastics has three manufacturing facilities in the United States, making it a strong choice for servicing any customer in North America.
Kevin Pierce, Chief Executive Officer, Dallas Plastics, commented: "CVC Credit's support, alongside that of our equity backer, will be essential in the years ahead. We are delighted to have enhanced our business with two highly engaged partners and a detailed growth strategy, which will accelerate our development."
Scott Sussman, Partner, M&A at Sole Source Capital, added: "We greatly value our relationship with the CVC Credit team, how they communicate, and their speed and reliability as a partner. They are a team with deep domain expertise across a wide array of industries. We are very pleased to have secured their support for our growth ambitions at Dallas Plastics."
Andrew Eversfield, Director of CVC Credit Partners' U.S. Private Debt business, said: "Serving a robust and growing market with a differentiated offering and established customer base, Dallas Plastics is an attractive prospect for any investor. When adding the experience and multi-faceted growth strategy brought to bear by a well-respected sponsor, the decision to support the business was, for us, a simple one. We are delighted to be able to support the business' next stage of growth."
Notes to editors
About CVC Credit Partners
CVC Credit Partners is the credit management business of CVC. CVC Credit Partners is a global credit asset manager with offices in the U.S. and Europe and US$26 billion assets under management, as at 30 June 2020. CVC Credit Partners seeks to generate for its investors positive absolute returns and attractive risk-adjusted returns on capital throughout the credit cycle. CVC Credit Partners has built a diverse platform which creates significant synergies across its investment strategies. For further information about CVC Credit Partners please visit: www.cvc.com/credit.
About Dallas Plastics
Headquartered in Mesquite, Texas and with locations in Longview, Texas and Wentzville, Missouri, Dallas Plastics is a leading manufacturer of blown polyethylene film with printing, embossing and other value-added capabilities for the medical, food and industrial end markets. As experts in blown film manufacturing, the Company works to provide quality, integrity, value and innovation to their customers. For more information, please visit www.dallasplastics.com.
About Sole Source Capital
Founded in 2016 by David A. Fredston, Sole Source Capital is an operationally-focused lower-middle market private equity firm that targets investments in high-growth industrial subsectors including precision manufacturing, diversified distribution, and industrial services. Sole Source seeks to partner with strong management teams and founder-owned businesses that will benefit from the team's operating and M&A capabilities. The Firm is headquartered in Santa Monica, California. For more information, please visit www.solesourcecapital.com or contact firstname.lastname@example.org.