MPE Partners (“Morgenthaler Private Equity”) has announced investments in, and the simultaneous merger of, Central Coated Products and Sun America to create a new platform focused on “custom, innovative, and high performance food packaging solutions.” Both companies will “continue to operate out of their current manufacturing facilities, with no changes to day-to-day business operations.”
The combined company serves a diverse base of food processors—including those in meat, cheese, baked goods, and other categories—offering “custom cut and premium wax paper, paper baking cups, and plastic containers” through both direct and distribution channels. It also markets food service wax paper under its Carnation® brand.
MPE has partnered with Steve Porter, an owner-operator of Central Coated, and Russ Romocean, founder of Sun America, alongside the senior management teams of both businesses.
“Over the last four decades, Central Coated’s mission has been to deliver high-quality, custom wax paper solutions that solve critical productivity challenges for our customers,” said Porter. “I’m proud of what our team has built and excited for the future potential alongside MPE and Sun America.”
Romocean commented: “We founded Sun America with a commitment to provide the industry’s premier denesting paper cups and have continued to develop innovative and sustainable paper and plastic solutions for food processors. MPE’s shared values and vision, as well as its ability to facilitate the merger with Central Coated, made it the right partner for Sun America.”
To guide the new company into its next growth phase, MPE appointed Dave Furstoss—former CEO at EasyPak and a 17-year veteran of Pactiv—as Interim CEO and board member.
“Since their inceptions, both Central Coated and Sun America have emerged as market leaders through a shared commitment to developing specialty solutions that address the challenges of high-speed food processing lines,” said Constantine Elefter, Partner at MPE.
Matt Yohe, also a Partner at MPE, added: “We are excited to build upon the foundations established by Steve and Russ, and to collaborate closely with Dave in pursuing promising new commercial and operational opportunities.”
Nick Stender, Principal at MPE, emphasized the platform’s forward-looking strategy: “We are thrilled to partner with the management team to pursue new growth avenues, including targeted M&A, to build an industry-leading food packaging platform rooted in innovation, custom capabilities, quality, and reliability.”
William Blair provided buyside advisory services to MPE, while Calfee, Halter, & Griswold LLP and BakerHostetler served as legal advisors. Churchill Asset Management and FS Investments supported the transactions with financing. PMCF Investment Banking acted as exclusive financial advisor to Sun America.
