Partnership Enables Company to Develop and Innovate Technological Advancements in Polymer Film and Sheet Solutions in Sioux Falls
SIOUX FALLS, SD, April 29, 2022–(BUSINESS WIRE)–Today, Sioux Falls-based Raven Engineered Films announced that Industrial Opportunity Partners (“IOP”) has acquired the business from CNH Industrial NV (NYSE: CNHI / MI: CNHI ). IOP is an operations-focused private equity firm based in Evanston, Illinois.
Scott Wickersham, President and CEO of Raven Engineered Films, will assume the role of CEO under new ownership.
“The acquisition by IOP represents a new chapter for Raven Engineered Films that will benefit our team members and our communities,” said Wickersham. “We believe IOP will allow us to unlock the next levels of growth by innovating new products and creating value for our customers.”
Raven Engineered Films is an innovator in the development and manufacture of lighter, thinner and stronger polymer film and sheet solutions to help solve application and product problems around the world. A former business unit of Raven Industries, Inc., a US leader in precision agriculture technology that was acquired by CNH Industrial NV in November 2021, Raven Engineered Films produces all HydraLine™ products from its facility located in center of Sioux Falls, offering two-day shipping across the country with fast ordering and delivery times.
“IOP is thrilled to have this partnership and to provide the resources necessary to support a future of growth and success,” said Dave Mackin of IOP. “Raven’s Engineered Films division is an industry leader and is known for its innovation, reliability and quality. We are confident that this partnership will help propel the company to new heights.”
About Raven Engineered Films
Raven Engineered Films, Inc. has built a well-known reputation for manufacturing and supplying high performance flexible films and sheets to major markets in the United States and overseas. As an American manufacturer committed to producing films and sheets critical to protecting the earth’s resources, Raven Engineered Films is dedicated to developing custom solutions that solve specific application challenges – incorporating sustainable environmental design practices for long-term performance. Learn more about Raven Engineered Films at https://ravenefd.com.
About CNH Industrial
CNH Industrial (NYSE: CNHI / MI: CNHI) is a world-class equipment and services company. Driven by its purpose to innovate, which focuses on innovation, sustainability and productivity, the company provides the strategic direction, R&D capabilities and investments that enable the success of its five core brands: Case IH, New Holland Agriculture and STEYR, providing 360° agricultural applications from machines to tools and the digital technologies that enhance them; and CASE and New Holland Construction Equipment offering a full line of construction products that make industry more productive. Throughout a history spanning more than two centuries, CNH Industrial has always been a pioneer in its industries and continues to innovate with passion and drive the efficiency and success of its customers. As a truly global company, CNH Industrial’s more than 37,000 employees are part of a diverse and inclusive workplace, focused on empowering customers to grow and build a better world. For more information visit: cnhindustrial.com
About Industry Opportunity Partners
IOP, an Evanston, Illinois-based private equity firm with approximately $1.5 billion in committed capital since inception, is dedicated to creating value by investing in manufacturing and distribution businesses in value-added with revenues between $50 million and $500 million. IOP focuses on companies with strong product, customer and market positions, and provides management and operational resources to support the growth of sales and earnings of its companies. For more information, visit the IOP website at www.iopfund.com.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220429005038/en/
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