New York City-based Cove Point Holdings LLC purchased the Clysar division of Bemis Co. Inc.

Clysar, Oshkosh, Wis., makes shrink films used to wrap food, according to a news release.

Cove Point is a privately held company, and the terms of the purchasing agreement were not disclosed.

The company was renamed to Clysar LLC and will move its headquarters to Clinton, Iowa.

“Our philosophy is to acquire stable, American-based companies with excellent growth potential, and then invest in value-creation strategies that help them flourish,” William Morris, owner of Cove Point, said in the release. “Clysar fits our profile perfectly with its heartland location, sophisticated technology, robust product portfolio, exceptional distribution network and strong market position. We’re excited about Clysar’s bright possibilities as part of our family of companies.”