US-based rigid plastic containers manufacturer Pretium Packaging has acquired Custom Blow Molding (CBM), which provides packaging and container producers for the sports nutrition and nutraceuticals markets.
Pretium plans to retain the CBM brand following the acquisition.
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CBM executive vice-president Joe Abbott as well as president and CEO Bill McNeal will join Pretium’s leadership team to lead the CBM business.
Pretium Packaging president and CEO Paul Kayser said: “The highly-disciplined approach of CBM towards servicing their specific markets, their unwavering dedication towards their customers and our highly complementary manufacturing footprints were driving factors supporting the acquisition.
“Most importantly, Bill and Joe share our passion for the same winning formula with our respective customers and I am very excited to have them on my team here at Pretium.
“The fit was natural for both sides as Pretium continues to offer a unique avenue to merge with strong independent blow-molding players across the US and Canada who are looking for a way to join a company with a strong technical base, wide-range of capabilities and a welcoming culture. Partnered with our financial sponsor, Genstar Capital, we look to do more acquisitions in the future.”
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By GlobalDataThe company provides polyethylene terephthalate (PET) and high-density polyethylene (HDPE) blow-molded containers and closures for the food and specialty beverage, household, industrial, health and beauty markets.
Bill McNeal said: “CBM now has the ability to offer our customers our combined footprint across North America as well as leverage Pretium’s extensive PET capabilities to continue providing our customers with highly responsive solutions.
“The process of joining Pretium has been fantastic. Pretium completed its due diligence quickly and really took the time to understand our business, our people and the future Bill and I had planned.”
Pretium has been providing plastic packaging, containers and parts for more than 20 years.
