Ryt-way Industries has bought the food, beverage, equipment and manufacturing businesses of Cloud Packaging Solutions.
Chicago private equity firm Wind Point Partners portfolio company and a contract packager of dry food products, Ryt-way Industries, has acquired the food and beverage and equipment and manufacturing businesses of Cloud Packaging Solutions. The transaction includes the buying of Cloud Packaging Services, Cloud Equipment Company and Toll Packaging Services (Cloud), a part of Cameron Holdings’ contract packaging portfolio business.
While the financial terms of the acquisition have not been disclosed, it estimated that Cloud will add over $50m of revenue to Ryt-way, bringing total Ryt-way revenue to approximately $200m.
Both entities bring long-term relationships with many of North America’s leading consumer packaged goods food companies. The combination will transform Ryt-way into a “one-stop shop” that can provide a broad suite of packaging options, technological advantages, and category expertise for the packaging of an array of dry foods, including cereals, prepared meals, snacks, sweeteners, side dishes, desserts, dried fruit, nutraceuticals, and pet foods. In addition, Cloud adds four Illinois facilities to the Ryt-way’s two facilities in Minnesota.
Wind Point acquired Ryt-way in August 2008 in partnership with David Finch, who joined Ryt-way as CEO, and George Bayly, who joined as Chairman.
David Finch stated, “By bringing these companies together we will be better positioned to offer each of our customers more comprehensive solutions in contract packaging, new product commercialization, and innovation. Each company brings to the table a strong set of competencies, excellent people, and proven industry know-how. Each is a respected leader in their industry segment.”