An affiliate of Balmoral Funds LLC has signed a definitive agreement to purchase the expandable polystyrene (“EPS”) business of Flint Hills Resources Peru through a management buyout led by industry veteran Brad Crocker. The transaction is expected to close in the fall of 2020.
The Peru EPS business is one of North America's leading producers of expandable polystyrene resin. "We are extremely enthusiastic and committed to working with the talented team in Peru, Illinois to create an industry-leading company of scale focused on solving customer needs for efficient, high-R value EPS. This includes reducing energy usage in buildings, ensuring safe and healthy food through innovative packaging technology, and participating in infrastructure investment both in the United States and abroad" said Crocker, who will serve as CEO.
Jeff Ramsey, President of Flint Hills Resources noted, “The Peru EPS business has been a valued contributor to Flint Hills Resources since we acquired it in 2007. The plant’s continued competitiveness and increased market value are testaments to the strong performance of our employees.”
Plant Manager Chris Eager echoed those sentiments, “Flint Hills Resources made meaningful and critical investments in the Peru EPS business over the years, which allowed us to grow and improve. We are excited about this transaction which gives us the opportunity to invest further in the business and expand on its substantial growth potential.”
For inquiries pertaining to Flint Hills Resources, please contact Holli VanOverbeke at 651-438-5669.
About Balmoral Funds
Balmoral is a Los Angeles, CA-based private equity fund that was founded in 2005. Balmoral currently has more than $450 million of assets under management and focuses on partnering with talented and committed management teams to invest in and revitalize companies. Balmoral typically invests in companies that have revenues between $30 to $500 million and require equity investments of $10 to $60 million.
About Flint Hills Resources
Flint Hills Resources is an industry leader in refining, chemicals, and biofuels and ingredients, with operations primarily in the Midwest and Texas. Its manufacturing capability is built upon six decades of refining experience, and the company has expanded its operations through capital projects and acquisitions worth more than $15 billion since 2002. Based in Wichita, Kansas, the company has nearly 4,000 employees and is a wholly-owned subsidiary of Koch Industries, Inc. For more information, visit www.fhr.com.
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Original Source: Affiliate of Balmoral Funds Agrees to Purchase and Operate Flint Hills Resources LLC Expandable Polystyrene (EPS) Business in Peru, Illinois