Global private equity firm Warburg Pincus has signed an agreement with Olympus Partners to purchase protective packaging materials firm Pregis.

Financial terms of the transaction were not disclosed.

Pregis president and CEO Kevin Baudhuin and the current management team will continue with the company under Warburg Pincus’ ownership.

Baudhuin said: “We are pleased to partner with Warburg Pincus to continue our strong growth that has been attained through customer-focused innovation, market development and investments.

“Backed by their extensive network of knowledgeable resources and global perspectives, we are confident that Warburg Pincus will further accelerate our future growth.

“We also want to sincerely thank Olympus for their partnership and support, which have been key to our success over the past five years.”

Pregis offers protective packaging materials, equipment systems and surface protection solutions to its customers across consumer and industrial market segments, such as food, pharmaceutical, healthcare, medical devices and retail.

The company currently operates 22 manufacturing facilities across North America and Europe, with 2,250 employees working across them.

It has made six acquisitions, including Eagle Film Extruders, Easypack, Sharp Packaging Systems, 3M PolyMask, Rex Performance Products and FP International after being acquired by Olympus in May 2014.

Warburg Pincus managing director Jeffrey Goldfaden said: “Pregis has built an attractive market leadership position by providing innovative protective packaging solutions and we look forward to partnering with management to continue the company’s success.”

Under Olympus ownership, Pregis invested in multiple blown film extrusion lines at its films facility to enhance vertical integration and cater to the demand for flexible packaging, e-commerce protective material and surface protection films.