Officials with Franklin-based Resource Label Group announced Thursday the packaging industry company has been sold to global alternative investment manager Ares Management Corp.
Terms of the deal, which is described in a release as a merger, are not being disclosed.
RLG — a provider of pressure sensitive label, shrink sleeve and RFID/NFC technology (which involved embedded chips and antennas for wireless ID) — was previously a portfolio company of First Atlantic Capital and TPG Growth.
Based in Los Angeles, Ares Management has approximately $239 billion of assets under management with approximately 2,000 employees operating across North America, Europe, Asia Pacific and the Middle East.
“Ares is the right partner at the right time,” Mike Apperson, RLG president and CEO, said in the release. “Joining with Ares is an exciting change for our customers and team members as we move to accelerate growth and expand the RLG family. Ares brings a wealth of resources and expertise that will further enhance the value and solutions we provide our customers. Our team is energized by the opportunity ahead of us.”
Resource Label Group’s executive management team will continue to guide the company, which recently completed its 19th acquisition in May and now operates 19 manufacturing locations in North America.
Natasha Li, a partner in the Ares Private Equity Group, described RLG as offering “thoughtful business diversification and [a] strong management team.”