Good natured Products, a company in Vancouver, BC, that specializes in “earth-friendly plant-based products,” announced that it has closed the acquisition of all of the operating assets of Ex-Tech Plastics Inc. and real estate assets owned by a related company, ETP Inc. The acquisition was made through wholly owned subsidiaries for a cash consideration of approximately US$14.1 million.
Founded in 1982, Ex-Tech is located 90 minutes from Chicago in Richmond, IL, and produces a variety of plastic sheet and film products, including extruded roll stock for thermoformed packaging. Ex-Tech operates seven different extrusion lines in a dedicated 75,000-square-foot facility on 9.5 acres of land. Ex-Tech’s 105 customers serve a diverse set of end markets, including retail, food, and medical packaging. Customers are primarily located in the midwestern and southwestern United States.
“We’re very pleased to announce the completion of this acquisition and welcome everyone at Ex-Tech to the ‘good natured’ family,” said Paul Antoniadis, CEO of good natured. “Ex-Tech’s trailing 12-month revenue of approximately CAD$33 million for the period ended Dec. 31, 2020, will significantly accelerate our revenue growth for the back half of this calendar year.”
Ex-Tech, which generated revenue of approximately US$25.8 million for the calendar year ended Dec. 31, 2020, has the capacity to produce compostable PLA and plant-based PET roll stock to support organic growth and conversion of existing and future petroleum-based acquisition targets. Good natured reported “minor customer overlap” between Ex-Tech and Integrated Packaging Films, which was acquired in December 2020, with the potential to open additional cross-selling opportunities.
“We are extremely excited to deepen our relationship with a company that we have a long-standing and successful relationship with,” added Antoniadis. “The combined companies will create one of North America’s leading sheet extruders, serving over 200 thermoforming customers across North America.”