The transaction complements Pretium’s injection moulding and personal care and beauty offerings.
The company will offer blow-moulded containers to Pretium customers and nationally expand its presence.
Pretium president and CEO Paul Kayser said: “We are pleased to welcome co-owners Joseph M Brodner and John Brodner, and the Olcott employees, to the Pretium organisation.
“The acquisition brings significant beauty care packaging expertise and a robust product line to the Pretium portfolio, which nicely complement the health and beauty care packaging offerings already in our portfolio. We are proud to add Olcott to our family of brands.”
Pretium will also retain existing employees and management of Olcott as part of the deal.
US-based investment bank P&M Corporate Finance (PMCF) served as the financial advisor to Olcott in relation to the transaction.
In a joint statement, Joseph and John Brodner said: “Joining forces with Pretium is a perfect fit for the next chapter of Olcott Plastics.
“We are excited to be able to offer our customers a broader product portfolio and national footprint while continuing to provide the same level of service they are accustomed to receiving from Olcott. We believe this transaction will be beneficial to both our customers and employees.”
Based in Charles, Illinois, Olcott offers primary packaging solutions to beauty and healthcare companies.
The company offers various services, including injection moulding, single and double wall polypropylene (PP) jars decoration, PET jars, as well as injection moulding and lining of PP closures.