Packaging inspection provider Industrial Physics has been acquired by investment funds managed by Kohlberg Kravis Roberts (KKR) from Union Park Capital (UPC).
The company provides testing and inspection equipment for packaging materials marketed to manufacturers, production lines and laboratories.
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Its instrument product line includes seam, can and label inspection, as well as headspace testing for the beverage industry and testing for food packaging.
Testing tools are available for a range of materials such as plastics, barrier films, paper, pulp, foil, ink, coatings, corrugated materials and cans.
Following the close of the transaction, Industrial Physicals also plans to implement KKR’s broad-based employee ownership program to support employee engagement. This will reportedly make all employees owners of the company alongside investment funds managed by KKR.
Industrial Physics CEO Jim Neville commented: “KKR supports our employee-first culture and shares our vision for building a scaled testing and measurement platform that continually invests in growth and innovation to even better serve the needs of customers around the world.”
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By GlobalDataKKR’s co-head Brandon Brahm added: “We are thrilled to invest in Industrial Physics, a leader in this space, that has built an impressive portfolio of brands used by many of the world’s leading manufacturers.”
Packaging testing and measurement is a market poised to continue growing as the focus on product quality and supply chain transparency intensifies. Earlier this year, Nippon Dynawave selected Procemex’s 3D inspection solution for paper machine defects.
