Private investment firm Clearlake has acquired Pretium Packaging, a manufacturer of rigid plastic, from Genstar Capital to support the company in its next phase of growth.
Based in Missouri, Pretium designs and manufactures rigid plastic packaging solutions for a variety of markets including food and specialty beverage, healthcare, and sports nutrition.
The company’s multi-use packaging solutions that includes containers, bottles and closures are based primarily on PET, HPDE and polypropylene resin with options such as up to 100% post-consumer recycled material content.
Pretium serves its customers through nineteen facilities across the US and Canada.
Following the transaction, Paul Kayser, Pretium’s CEO and the existing management team will continue to lead the company.
“We are thrilled to welcome Clearlake as Pretium continues driving organic growth and executes our platform consolidation strategy. With strategic resources, operational insights, and support from Clearlake, we look forward to continuing to deliver quality rigid packaging solutions to our valued customers,” said Kayser.
Arta Tabaee, managing director at Clearlake, said: “Pretium is on an impressive trajectory, having developed a flexible national footprint, a complete spectrum of design, engineering and automation solutions, and production capabilities across containers, caps, closures, and dispensers across substrates.
“We look forward to leveraging Clearlake’s O.P.S framework to continue driving organic growth, implementing profitability enhancing initiatives, and supporting Paul and his team in completing strategic acquisitions in this highly fragmented market.”
In 2018, Pretium acquired healthcare packaging products company Starplex Scientific and manufacturer of plastic jars and closures Olcott Plastics.
Financial details of the deal were not disclosed.
© FoodBev Media Ltd 2019