SPG, which operates under two divisions IVEX and Engineered Packaging, is engaged in providing protective packaging products
Altamont Capital Partners has acquired Specialized Packaging Group. (Credit: Gerd Altmann from Pixabay)
US-based private investment firm Altamont Capital Partners has acquired Specialized Packaging Group (SPG), a North American manufacturer of protective packaging, for an undisclosed sum.
SPG is engaged in providing protective packaging products. It operates under two divisions, IVEX and Engineered Packaging.
Operating six facilities in the US, Canada and Mexico, IVEX manufactures packaging materials, including polyethene foam and other protective packaging products.
Engineered Packaging operates eight facilities in the US and Mexico, and is comprised of Induspac and Estapack. It is engaged in designing and manufacturing customised packaging solutions using a variety of materials, including polyethene foam, corrugated cardboard and wood.
Altamont managing director Randall Eason said: “SPG is an established leader in the highly attractive protective packaging segment, and we are delighted to partner with the team to build on the Company’s strong foundation and track record of success.
“Together, we are confident that we will drive value for SPG’s customers, employees and other stakeholders in the months and years to come.”
As part of the deal, SPG president and CEO Gaulin will retire from his role. However, Gaulin will remain as a minority investor in the business and a member of the board of directors.
Altamont principal Chase Beeler said: “We look forward to working closely with Bob, Sean and Pete to implement an ambitious growth strategy that will include enhancements and additions to SPG’s product offerings, footprint expansion, and, potentially, acquisitions.”
Engineered Packaging president Bob Lally said: “As we continue to innovate packaging solutions to meet the needs of today’s economy and supply chains, now represents an opportune time to partner with Altamont to take our business to the next level.”
Baird and Raymond James & Associates served as financial advisors and Ropes & Gray served as legal counsel to Altamont for the transaction.
Raymond Chabot Grant Thornton served as exclusive financial advisor while BCF Business Law and Morency, Société d’avocats acted as legal counsel to SPG.