April 29, 2022

An Illinois-based private equity firm has acquired Raven Engineered Films, a division of the former Raven Industries.

Industrial Opportunity Partners is based in the Chicago area.

Raven became part of CNH Industrial last year. The deal included the company’s three divisions, but its applied technology division geared toward precision agriculture is the only one that most naturally fits the broader business model of CNH.

And that time, the company acknowledged that acquisition of engineered films and the Raven Aerostar division was a possibility.

Scott Wickersham, president and general manager of Raven Engineered Films, will assume the position 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,” Wickersham said in a statement. “We believe IOP will enable us to unlock the next levels of growth by innovating new products and creating value for our customers.”

Raven Engineered Films produces all HydraLine products from its plant in an industrial area south of the SiouxFalls Regional Airport, providing for two-day shipments across the nation with quick order and delivery timelines.

“IOP is excited to have this partnership and provide the resources to support a future of growth and success,” said Dave Mackin of IOP. “The engineered films division of Raven has been an industry leader and known for their innovation, reliability and quality. We are confident that this partnership will help propel the company to new heights.”

IOP a private equity firm with $1.5 billion of committed capital since inception invests in manufacturing and value-added distribution businesses with revenue between $50 million and $500 million. The firm said it focuses on businesses with strong product, customer and market positions, and provides management and operational resources to support sales and earnings growth at its businesses.

Raven’s new owner envisions Sioux Falls becoming tech hub for company