Pritzker Group Private Capital will be acquiring Chicago-based sustainable food and beverage packaging producer LBP Manufacturing for an undisclosed amount.

With clients such as Starbucks, McDonald’s and Dunkin’ Donuts, LBP uses technology to produce sustainable, on-the-go packaging.

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Some of the company’s products include its patented Coffee Clutch hot cup sleeve, Beverage on the Move insulated beverage-to-go carrier and Thermo Grip double-wall hot cups apart from a variety of catering trays, clamshells and other containers.

"We’re at a critical part of our growth and we need to investment in equipment and new products around the world."

LBP CEO Matt Cook said: "We are continually looking for opportunities to create innovative products for our customers, and having a partner with the reach, long-term perspective and financial resources of Pritzker Group gives us a very special platform for growth."

Cook was quoted by Crain’s Chicago Business as saying: "We’re at a critical part of our growth and we need to investment in equipment and new products around the world."

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Pritzker Group Private Capital primarily focuses on manufacturers, and service and healthcare companies that have revenues between $100m and $500m.

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Pritzker Group Private Capital investment partner Michael Nelson said: "With a growing portfolio of patented products and a world-class innovation team, LBP is poised to expand its leadership position in the global food and beverage packaging market."

The company is buying LBP from Barry Silverstein, who took over the company from his father Len Silverstein. It currently employs around 750 people.

The Pritzker Group is backed by billionaire brothers Anthony and Jay Pritzker, who are heirs of the Hyatt Hotels and Marmon Holdings.