Atlas Holdings ("Atlas") announced today the sale of NPX One, a leading manufacturer and the second largest supplier of polystyrene trays for fresh protein in the U.S., to Breck Partners, a Dallas-based private equity firm. Terms of the transaction were not disclosed.

Headquartered in Reading, PA with additional operations in Indianapolis, IN, NPX One manufactures packaging solutions that deliver critical food safety properties and maximize the shelf life of perishable, high-value fresh protein. The company has manufactured innovative food trays for more than 50 years. Atlas acquired the assets which comprise NPX One with its purchase of the North American Foam Trays and Absorbent Pads (TAP) businesses of Sealed Air Corporation (NYSE:SEE) in 2015, which was renamed Novipax. Following the sale of the absorbent pads business in 2020, Atlas rebranded the tray business as NPX One. NPX One, through a differentiated service offering, grew to a customer base of more than 140 food packing distributors, food processors and supermarkets across the United States.

"The sale of NPX One concludes an almost decade-long journey that began with the launch of Novipax. This lifecycle reflects a cornerstone of Atlas' investment approach – acquiring assets via a complex corporate carveout, establishing those assets as a standalone business and strengthening the business over the long term through partnership with the leadership team. NPX One is on an exciting trajectory, and we look forward to watching all that it achieves in this next phase of growth," said Sam Astor, Partner of Atlas Holdings.

"Since we began our journey as Novipax, we not only built a strong and growing company, but created a customer-focused culture recognized in the industry as the leader in service, quality and delivery. Throughout every step of the process, Atlas served as a true, collaborative partner as we transformed Novipax, and ultimately NPX One," said Ron Leach, Atlas Operating Partner who served as Chairman of Novipax and NPX One since the initial Atlas acquisition in 2015.

About Atlas Holdings

Headquartered in Greenwich, Connecticut and founded in 2002, Atlas and its affiliates own and operate 25 companies, which employ more than 50,000 associates across 350 facilities worldwide. Atlas operates in sectors such as automotive, building materials, capital equipment, construction services, food manufacturing and distribution, metals processing, packaging, paper, power generation, printing, pulp, supply chain management and wood products. Atlas' companies together generate approximately $16 billion in revenues annually.

About NPX One

Headquartered in Reading, Pennsylvania, NPX One is a top manufacturer of expanded polystyrene foam trays for food processors, supermarkets and food distributors in the United States.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240502616705/en/

Atlas Holdings Announces the Sale of NPX One