NEW
YORK, Aug. 19, 2024 /PRNewswire/ -- Jadex
Inc. ("Jadex"), a manufacturer and material sciences company, today
announced it has entered into a definitive agreement to sell Lifoam
Industries, LLC ("Lifoam" or the "Company") to Altor Solutions
("Altor"), a subsidiary of Compass Diversified (NYSE: CODI), for
$137 million in cash. Post-tax net
proceeds from the sale are expected to be used to pay down debt and
fund investment in the remaining business.
Lifoam is a leading manufacturer of temperature-controlled
packaging products such as thermal shippers and refrigerant gel
packs for healthcare, commercial and retail customers. Over the
past several years, Lifoam has been growing with its customer base,
particularly in the healthcare- and food-related cold chain
shipping end markets. Innovation has been a key driver of its
success as Lifoam has developed and commercialized
environmentally-friendly products. One example is its
Bioffex® technology, which is a polylactic acid
(PLA)-based bead foam that can be commercially composted in under
four weeks.
"We are honored to have been part of Lifoam's growth story and
are immensely proud of how it has expanded its customer base and
developed innovative products with eco-friendly, sustainable
capabilities while part of Jadex," said Mario D'Ovidio, CEO of
Jadex. "We believe that Lifoam is well positioned to succeed as
part of Altor, a pure-play protective and cold chain packaging
solutions business."
ABOUT JADEX INC.
Jadex is a U.S.-based manufacturing and material sciences
company utilizing innovation and technology to develop sustainable
products that serve the medical, industrial and consumer markets.
The range of products includes custom-designed plastic components,
plastic and bio-based cutlery, engineered nylon resins and
monofilaments, zinc products and temperature-controlled products.
Jadex operates out of 18 manufacturing facilities across the
continental U.S., U.K. and Puerto
Rico and has approximately 1,800 employees. For more
information, visit Jadex.com.
MEDIA CONTACT
Julia Sidi
Prosek
Partners
pro-onerock@prosek.com
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SOURCE Jadex Inc.