US-based plastic packaging company Pretium Packaging has agreed to acquire sustainable packaging solution provider Alpha Consolidated Holdings.
The deal was reached with Alpha’s owner, private equity firm Irving Place Capital, for an undisclosed sum.
Alpha specialises in manufacturing short and medium-run rigid packaging for various sectors, including the health, wellness and speciality food and beverage industries.
The company operates a network of eight facilities located across the US and Western Canada, as well as two facilities in Europe. It employs more than 1,200 people in total.
Pretium Packaging president and CEO Paul Kayser said: “We are thrilled to welcome Alpha and its employees and customers to the Pretium family.
“Alpha and Pretium are a natural fit given both companies’ complementary product portfolios, process technologies and footprints.
“Both companies also share a focus on innovation, sustainability and service to customers with small to mid-sized production needs across recession-resistant end markets.”
The combined entity will supply a range of advanced packaging solutions to both companies’ existing client bases and new customers.
Alpha president and CEO Terry Moody said: “Pretium’s acquisition of Alpha represents a combination of two like-minded players in rigid packaging with a focus on sustainability initiatives.
“Our customers will benefit from the combined scale and investments made in such initiatives as automation, manufacturing optimisation and sustainability.
“We could not have found a better home for our customers and employees given Pretium’s focus on innovation, sustainability, customer satisfaction and operating culture, and we look forward to working together to continue delivering value-add solutions to all of our customers.”
Evercore and Credit Suisse served as financial advisors for Pretium and Clearlake for the deal, while financial service company William Blair acted as Alpha’s exclusive financial advisor.
In January, Pretium Packaging committed to meeting certain circular economy goals by 2025 by joining the US Plastics Pact.