Pride Engineering’s precision-engineered tooling, equipment and aftermarket parts are mission-critical to the aluminium beverage packaging manufacturing process
Arcline Investment Management has acquired speciality packaging tooling manufacturer Pride Engineering from May River Capital for an undisclosed sum.
It said that Pride is anticipated to be the first of several acquisitions, as it builds a speciality tooling platform across multiple industries.
In a statement, Arcline said: “We are in the early innings of a once-in-a-generation shift in the packaging industry — the large-scale substitution of single-use plastic containers toward more sustainable aluminum containers.
“We are committed to supporting the anticipated volume growth of Pride’s customers by heavily investing in the Company’s engineering and technology capabilities.”
Pride Engineering is involved in the design and manufacture of precision-engineered tooling, equipment, and aftermarket parts mission-critical to the aluminium beverage packaging manufacturing process.
The company’s products will help generate a significant return on customers’ investment by improving quality, productivity and operational uptime.
The product portfolio of Pride Engineering
Pride’s portfolio is made up of of tool packs, bottom formers, precision grinders and connectivity solutions to optimise its customers’ processes. It recently introduced the next-generation internet of things (IoT) solution, Synapse.
During the operation, the Synapse will monitor, adjust and report can line data in real-time captured from multiple sources. It will help improve manufacturing efficiencies and increase process capabilities for companies.
The company operates a modern manufacturing facility in Minneapolis, Minnesota. Lincoln International acted as financial adviser to Arcline in relation to the deal.
Pride Engineering president and CEO Greg Pickert said: “We are excited to partner with Arcline, which shares our passion for supporting our customers’ vision of advancing the adoption of environmentally favorable packaging.
“Arcline’s experience in software and technology enablement will be a great asset as we further develop the next generation of connected tooling for our customers.”
With $1.5bn (£1.23bn) capital, Arcline is a private equity firm that invests in different sectors such as industrials, technology, life sciences, and speciality chemicals.