The financial terms of the agreement between Cosmetic Specialties at Oxnard and Airlite in Omaha, Neb. were not disclosed.
The acquisition of Cosmetic Specialties, or CSI, a manufacturer of containers for the beauty and skin care industries, will allow Airlite to expand its presence in the United States and enter the cosmetics industry through the through a well-established industrial player, the company said in a statement.
Airlite has hired Bridgepoint Investment Banking in Omaha as a buy-side advisor targeting companies with proprietary product lines, a strong management team, a similar culture and a strong commitment to shared values, Airlite said in its release.
Airline CEO Brad Crosby says the company is excited about the future with CSI.
“We have given the Bridgepoint team a shortlist of criteria and they have kept their promises,” Crosby said in a statement. “Throughout the process, they provided a thoughtful external perspective, in-depth market knowledge and excellent advice. “
Bridgepoint Managing Director Mike Anderson said his company was impressed with the level of professionalism and integrity the two companies had during the merger and acquisition process.
“We are committed to helping large family-owned and founding companies such as Airlite achieve their strategic goals,” Anderson said in a statement. “This acquisition is a good example of the accomplishment of this mission.”
CSI was founded in 1978 and has grown to become a leading manufacturer of injection molded plastic jars, caps, liners and closures made from traditional plastics and recycled resins, the company said on its website.