US-based private equity firm GTCR has completed its purchase of flexible packaging manufacturer PPC Flexible Packaging (PPC) for an undisclosed sum.

Based in Buffalo Grove, Illinois, PPC produces flexographic printing and converts flexible films, bags, pouches and prototype packaging solutions.

The company operates ten manufacturing locations across the US and serves several sectors, including healthcare and medical applications, snack and organic brands, speciality produce, nutraceutical and bakery end markets.

GTCR managing director David Donnini said: “Kevin [Keneally, PPC founder] and the PPC team have built a remarkable business in a short period of time by acquiring differentiated packaging assets focused on attractive end markets.

“We look forward to being partners with the PPC team and continuing their successful consolidation of high-quality flexible packaging companies.”

Following the acquisition, PPC’s management will retain a ‘significant’ minority stake and continue to manage the company.

GTCR said it plans to commit ‘substantial’ incremental equity to support future acquisitions and expansion opportunities as part of the deal.

In 2017, Morgan Stanley Capital Partners (MSCP) made its initial investment in PPC. Since then, PPC has expanded its operations by completing eight acquisitions.

MSCP industrials managing director and head Eric Kanter said: “We are proud to have partnered with Kevin [Keneally] and the PPC team as they built one of the industry-leading platforms in the flexible packaging industry.

“We believe PPC has cemented itself as a unique, high growth innovator in the sector, and we have appreciated the opportunity to work with the entire PPC team during this transformational period at the company.

“We are extremely grateful for their hard work and dedication over the past four years.”

Last month, PPC bought Consumer Packaging Group (CPG), a speciality and differentiated flexible packaging firm, for an undisclosed sum.

CPG provides pre-press, digital printing, lamination, handwork and assembly services for companies worldwide.