DAYTON and CINCINNATI, Ohio, May 14, 2019 / — Brixey & Meyer Capital (collectively with its affiliated entities, “BMC”) announced today it has acquired Patriot Converting (“Patriot” or the “Company”). Patriot is a provider of custom paper converting and logistical solutions for the paper packaging industry, serving customers across the Midwest. Patriot is headquartered in Elk River, Minnesota with a second converting facility in Newton, Iowa. Patriot employs 63 employees across the two locations.
“We are excited to have entered the growing packaging market via the acquisition of Patriot”, said David Brixey, Managing Director of Brixey & Meyer Capital, “Patriot has proven to be a strategic partner to their customers, which we will strive to continue and expand under our partnership.”
Brian Stilwell founded the Company in 2003 and has served as CEO since inception. Brian will transition into retirement in the coming months. Michael Stilwell will remain with the Company as Executive Vice President and co-owner with BMC and lead the business going forward.
“Over the past 16 years, Patriot has set out to improve the paper converting gaps and capacity needs and we began to solve for those gaps with significant investments in sheeting, rewinding, warehousing, and logistical solutions,” said Brian Stilwell, CEO of Patriot Converting, “optimizing the supply chain has been our continual mission and we believe the partnership with Brixey & Meyer Capital will take us to the next level.”
“The partnership will only enhance our ability to serve customers and provide our employees more opportunity as we grow,” said Michael Stilwell, Executive Vice President and co-owner.
Patriot will be exploring options for expansion into new markets and service offerings both via acquisition and organic growth.
Patriot is the second acquisition of BMC’s second fund, the BMC Growth Fund II. The BMC Growth Fund II is a $40.0 million fund launched in mid-2018 which invests in lower middle market companies generating $1.0 to $4.0 million of cash flow. Brixey & Meyer Capital plans to add as much as six additional investments over the next two years.