Investment company Clearlake Capital Group has acquired rigid plastic packaging solutions provider Pretium Packaging.
Owned by private equity firm Genstar Capital, Pretium manufactures custom, high-performance bottles, closures and containers.
Based in Chesterfield, Missouri, US, Pretium offers its products to various markets, including food and speciality beverage, healthcare, sports nutrition, personal care, beauty and household.
Developed mainly from polyethene terephthalate (PET), HPDE and polypropylene resin, the multi-use packaging developed by Pretium has 100% post-consumer recycled material content.
With more than $450m in revenue, Pretium has 19 production facilities.
Clearlake co- founder and managing partner José E Feliciano said: “Pretium provides a winning combination of innovative and sustainable packaging solutions, national scale and highly responsive local service in attractive end markets.
“Pretium’s focus on new technologies and service has enabled it to develop a loyal customer base, and we are excited to partner with Paul and his team as the company enters its next phase of growth.”
Following the acquisition, Pretium CEO Paul Kayser and management team will continue to lead the company.
The companies have not disclosed the financial terms of the transaction.
Paul Kayser said: “We are thrilled to welcome Clearlake as Pretium continues driving organic growth and executes our platform consolidation strategy.
“With strategic resources, operational insights and support from Clearlake, we look forward to continuing to deliver quality rigid packaging solutions to our valued customers.”
Evercore acted as Clearlake’s exclusive financial advisor, while Rothschild and Jefferies were Pretium’s financial advisors.