Private equity firm Arcline Investment Management has completed the acquisition of packaging tooling manufacturer Pride Engineering from May River Capital.
Financial details of the transaction were not disclosed by the companies.
The deal marks the first of several acquisitions to be made by Arcline in a bid to establish a specialty tooling platform across numerous 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 aluminium 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.
“Specifically, we plan to work with Pride to accelerate the rollout of its newest product, Synapse, that uses sensor-driven analytics to drive step-change quality and productivity improvements in our industry.”
Pride offers precision-engineered tooling, equipment and aftermarket parts to the aluminium beverage packaging manufacturing market.
The company operates a manufacturing facility in Minneapolis, Minnesota, US. It offers a range of products such as tool packs, bottom formers, precision grinders, and the Synapse Internet of Things (IoT) solution.
Lincoln International served as financial advisor to Arcline for the transaction.
Pride president and CEO Greg Pickert said: “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.
“We look forward to playing a key role in the sustainable packaging industry as we invest in our next phase of growth.”