Pretium Packaging manufactures customised and short-to-medium volume rigid plastic packaging solutions
Clearlake Capital has acquired Pretium Packaging (Credit: Tumisu from Pixabay)
Clearlake Capital Group has acquired US-based rigid packaging solutions provider Pretium Packaging from Genstar Capital for an undisclosed sum.
Based in Chesterfield of Missouri, Pretium Packaging is involved in the manufacturing of customised and short-to-medium volume, rigid plastic packaging solutions.
Pretium Packaging CEO Paul Kayser, along with the existing management team, will continue to manage the company.
Kayser said: “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.”
The product portfolio of Pretium Packaging
Pretium manufactures containers, bottles and closures for the customers in the food and speciality beverage, healthcare, sports nutrition, personal care, beauty, and household products end markets.
The company mainly uses PET, HPDE, and polypropylene resin in its multi-use packaging solutions, and offers a range of options with up to 100% post-consumer recycled material content.
The company operates 19 automated manufacturing facilities across the US and Canada.
On the transaction, Evercore served as the exclusive financial advisor to Clearlake while Rothschild & Co. and Jefferies acted as financial advisors to Pretium Packaging.
Clearlake Capital Group co-founder and managing partner José Feliciano said: “Pretium provides a winning combination of innovative and sustainable packaging solutions, national scale, and highly responsive local service in attractive end markets.
“Pretium’s focus on new technologies and service has enabled it to develop a loyal customer base, and we are excited to partner with Paul and his team as the Company enters its next phase of growth.”
In August 2019, Pretium Packaging acquired US-based Olcott Plastics for an undisclosed sum.
Based in St. Charles of Illinois, Olcott Plastics supplies plastic jars and closures for health and beauty, cosmetics, food, pharmaceutical, nutraceuticals and medical products.
Pretium made seven acquisitions to enhance its customer relationships in existing markets and expand into new end markets.