Buffalo, New York, October 10, 2014– Multisorb Technologies, the world leader in active packaging technology, has announced that senior management, led by Michael R. McGee, chairman, and James V. Renda, president, has partnered with Summer Street Capital Partners of Buffalo, New York (USA) to purchase the company from the John S. Cullen estate. Since Cullen passed away four years ago, the company has been operating as a part of the Cullen estate while the final transition of the company was determined. McGee and Renda will maintain their positions as chairman and president, respectively.
Renda stated, “This change is very positive news and will be completely transparent to our customers and employees. From staffing to our service and commitment to our customers, nothing will change. It will be business as usual. Our new structure will also allow us to continue to expand our investment in new technologies and process improvements to ensure that state-of–the-art, high-quality sorbent solutions are provided to the market over the long term. This partnership assures the long-term growth of the company with local ownership.”
Mike McQueeney, Managing Partner with Summer Street, added, “There is a reason Multisorb is the leader active packaging. It is one of the best run companies we’ve seen—the entire team is committed to serving their customers and markets in an exceptional way. We are proud to be part of the team and to help them achieve their next level of growth.”
McGee added, “Multisorb remains committed to providing the leadership, innovation, and solutions for active packaging that our customers have enjoyed for the past 53 years.”
About Multisorb Technologies
Multisorb Technologies has been an innovator in active packaging technology for more than 50 years. Founded in 1961 by John S. Cullen to protect products against the damaging effects of moisture, today Multisorb is the world leader in the development and production of active packaging components. Multisorb Technologies is headquartered in Buffalo, New York, U.S.A., with operating plants in Mobile, Alabama and Telford, United Kingdom as well as sales offices throughout the world.
Multisorb’s corporate offices are located at 325 Harlem Road, Buffalo, New York 14224 USA. For more information contact: Phone: +1 716-824-8900; Fax: +1 716-824-4128; E-mail: email@example.com; Website: www.multisorb.com.
About Summer Street Capital Partners, LLC
Summer Street Capital Partners LLC, founded in 1999, is a Buffalo, NY-based private equity fund with committed capital focused on investing in middle-market companies. The firm invests alongside talented managers, bringing capital and resources to support acquisitions and aggressive growth strategies. Summer Street’s investors include insurance companies, banking institutions, and leading pension funds such as the New York State Common Retirement Fund, which manages $177 billion in trust for over one million members, retirees, and beneficiaries in New York State. Summer Street’s investments support management buy-outs, family transitions, corporate divestitures, growth financings, and recapitalizations.
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Kay E. Krause