US-based private equity firm Warburg Pincus has signed an agreement to acquire protective packaging materials provider Pregis from Olympus Partners for an undisclosed sum.
Based in Deerfield of Illinois, Pregis is a customer-driven solutions provider of advanced protective packaging materials, equipment systems and surface protection.
The company serves customers in a range of consumer and industrial market segments, including food, pharmaceutical, healthcare, medical devices, agricultural, e-commerce, retail, automotive, transportation, furniture, electronics, building, construction, and military/aerospace.
Pregis’ portfolio is comprised of on-demand paper systems, on-demand inflatable air systems, on-demand foam systems, automated poly bagging systems, cohesive packaging solutions, and shipping mailers.
The company also produces temporary protective films, bubble cushioning and pouches, foam sheets and pouches, foam for fabrication and specialty products.
Pregis president and CEO Kevin Baudhuin said: “We are pleased to partner with Warburg Pincus to continue our strong growth that has been attained through customer-focused innovation, market development and investments.
“Backed by their extensive network of knowledgeable resources and global perspectives, we are confident that Warburg Pincus will further accelerate our future growth.”
Under the ownership of Olympus Partners since May 2014, Pregis acquired six companies such as Eagle Film Extruders, Easypack, Sharp Packaging Systems, 3M PolyMask, Rex Performance Products and FP International.
During the same period, the company invested in multiple new blown film extrusion lines at its Pregis Films facility.
The additional capability is said to enhance vertical integration and address increased demand for quality flexible packaging, ecommerce protective material and surface protection films.
The company, which currently employs around 2,250 team members, has grown from 14 to 22 manufacturing facilities across North America and Europe.
Recently, Pregis opened a European operating unit to offer advanced solutions on a wider geographic platform.
Warburg Pincus managing director Jeffrey Goldfaden said: “Pregis has built an attractive market leadership position by providing innovative protective packaging solutions and we look forward to partnering with management to continue the company’s success.”
“Pregis aligns well with our industrials investing strategy to partner with best-in-class companies and management teams with attractive growth tailwinds including e-commerce enablement and automation,” continued Dan Zamlong, managing director, Warburg Pincus.