Twin Bridge Invests in Innovative Labs (fka Innovative FlexPak)
January 23, 2020 – Blue Sea Capital (“Blue Sea”) today announced that it has, in partnership with Travis Parry, Twin Bridge Capital Partners, and GoldPoint Partners, led a significant investment in Innovative FlexPak, LLC (“IFP” or “the Company”) to recapitalize the business and position the Company for continued growth. Travis Parry, founder and CEO, will maintain a significant ownership position in the Company going forward.
Headquartered in Springville, Utah, Innovative FlexPak is a leading developer, formulator, and provider of single serve and multi-dose ingestible health and wellness products for leading brands and direct sales companies. Founded in 2006 by Travis Parry, IFP provides highly differentiated formulating, blending, filling, distribution, and other critical services for small-format nutritional supplements, food items, household products and other consumer packaged goods. The Company is SQF Food Safety Code Level III Certified and operates highly efficient, state-of-the-art manufacturing facilities with a workforce of over 350 people.
“My number one focus has always been to serve our customers more effectively, with more products and best-in-class customer service,” said Travis Parry, Founder and Chief Executive Officer of Innovative FlexPak. “From our first meeting, we knew Blue Sea Capital was the right partner for IFP, and that they would bring incredible resources and industry experience to help us expand, while never losing sight of what has gotten us to where we are today.”
Ryan Gifford, President and Chief Financial Officer of Innovative FlexPak, said “We’re looking forward to partnering with Blue Sea to take IFP to the next level. With Blue Sea’s investment, executive bench strength, and industry network, IFP is poised to capitalize upon an inflection point and achieve even greater heights.”
Rick Wandoff, Managing Partner at Blue Sea, added, “Travis Parry, Ryan Gifford, and the rest of the Company’s management team have built IFP into an outstanding company and we’re proud to support them through this next stage of growth. Blue Sea Capital has a long history in the contract manufacturing sector, and we recognized the Company’s unique blend of best-in-class product formulating, manufacturing, and packaging capabilities, management’s tireless focus on customer service, and the culture of talented people that have gotten IFP to where it is today. We look forward to building on this history of success to continue the Company’s impressive trajectory.”
Lee Farber, Vice President at Blue Sea, commented “We have canvassed the contract manufacturing sector over many years and identified Innovative FlexPak as a unique and differentiated company with a blue-chip customer base and a compelling value proposition to those they serve. We are excited to be partnering with this customer-focused management team to drive growth, both organically and via acquisition.”
KeyBanc Capital Markets Inc. acted as financial advisor and Parsons, Behle, and Latimer acted as legal advisor to Innovative FlexPak. Jones Day acted as legal advisor to Blue Sea Capital. Financing for the transaction was provided by Twin Brook Capital Partners.
About Innovative FlexPak (IFP)
Innovative FlexPak (www.innovativeflexpak.com) was formed in 2006 with the goal of becoming a leading provider of single serve gels, purees, and liquids in the flexible form-fill-seal packaging segment. Today, IFP is the largest independent supplier of custom single serve flexible packaging west of the Mississippi. With significant investments in packaging and pasteurization equipment, IFP has the capacity to fill hundreds of thousands of pouches a day and the flexibility to meet the demands of large and small production runs.
About Blue Sea Capital
Blue Sea Capital is a private equity firm based in West Palm Beach, Florida that invests in growth-oriented lower middle market companies valued up to $200 million. The firm has over $450 million in assets under management and invests across three industry verticals: aerospace & defense, healthcare, and industrial growth. Blue Sea Capital’s strategy is to partner with talented managers and differentiated companies, typically as the first or second institutional investor, and deliver strategic and operational value-add that drives growth acceleration, industry outperformance and business transformation.
About Twin Bridge Capital Partners
Twin Bridge Capital Partners (www.twinbridgecapital.com) is a private investment firm that invests in the North American small and lower middle-market buyout industry. The firm seeks to invest in leveraged buyout funds and non-control equity co-investments across multiple industries. Twin Bridge has raised more than $2.5 billion in capital since its founding in 2005.
About GoldPoint Partners
GoldPoint Partners (www.goldpointpartners.com) currently manages approximately $13.3 billion of private equity assets, comprised of equity co-investments, mezzanine investments, and limited partnership investments in alternative investment funds. GoldPoint manages these assets on behalf of a number of pension funds, financial institutions, and high net worth investors around the world, as well as for New York Life Insurance Company.