Sioux Falls-based Raven Engineered Films announced that Industrial Opportunity Partners (“IOP”) has acquired the business from CNH Industrial N.V. IOP is an operations-focused private equity firm based in Evanston, Ill.
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,” said Wickersham. “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 is a former business unit of Raven Industries, Inc., a U.S.-based leader in precision agriculture technology which was acquired by CNH Industrial N.V. in November 2021. Raven Engineered Films produces all HydraLine™ products from its centrally located facility in Sioux Falls.
“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.”