Based in Hauppauge, New York, Oliver provides speciality packaging solutions, including custom folding cartons, blister cards, labels and marketing collateral
Pfingsten has announced the sale of Oliver to Tenex Capital Management. (Credit: Michael Bußmann from Pixabay)
Private equity firm Pfingsten has announced the sale of Oliver to a New York-based private equity investment firm, Tenex Capital Management.
Oliver, with its headquarters in Hauppauge, New York, is a producer of speciality packaging solutions, including custom folding cartons, blister cards, labels and marketing collateral with a focus on the pharmaceutical, medical, food and beverage, health and beauty end markets.
Pfingsten managing director Scott Finegan said: “Oliver became a market leader with significant investments in equipment, systems, management and add-on acquisitions.
“Since our initial investment in 2016, the business completed four strategic acquisitions and grew revenue six-fold.”
Oliver CEO Dan Rodenbush said: “Pfingsten’s collaborative approach, operating resources and continued investments transformed our company.
“Together, we built an efficient operating footprint, redundant production capabilities across five locations and an unparalleled team driven by passion and winning culture.”
Pfingsten managing director Denio Bolzan said: “The Oliver team did an exceptional job scaling the business with a relentless focus on customers, suppliers and employees.
“We are excited to see what Dan and the Oliver team will accomplish as they begin their next chapter with Tenex.”
The deal was completed on 6 July 2022.
Lincoln International served as the exclusive financial advisor to Oliver on the transaction, while Paul Hastings acted as legal counsel.
Founded in 1989, Pfingsten is headquartered in Chicago, Illinois and has representative offices in India and China.
Since its first investment in 1991, the firm has raised five investment funds with total commitments of approximately $1.3bn and has acquired 156 manufacturing, distribution and business services firms.