Genstar Capital, a leading private equity firm focused on investments in targeted segments of the industrial technology, healthcare, financial services and software industries, today announced the sale of Pretium Packaging, a leading North American manufacturer of rigid plastic containers and closures, to Clearlake Capital Group, L.P.
Pretium is a leading provider of custom, high performance rigid plastic bottles and containers, serving a diverse base of customers in the food and specialty beverage, healthcare, sports nutrition, personal care, beauty, and household products end markets. Pretium’s multi-use packaging solutions are based primarily on PET, HPDE, and polypropylene resin, with a wide-array of options including up to 100% post-consumer recycled material content, making it a leading choice for customers focused on sustainability. Under Genstar’s ownership since 2014, and driven by a newly recruited senior leadership team and revamped sales processes, Pretium has grown to over $450 million in revenue and 19 production facilities. Additionally, Pretium completed seven acquisitions that deepened customer relationships in existing markets and enabled expansion into new end markets, and today enjoys a reputation as the acquirer of choice among regional family-owned blow-molding companies.
Genstar oversaw the acquisition and successful integration of one to two companies each year. Notable acquisitions include: Tri-Delta Plastics, whose rigid packaging products expanded Pretium’s presence both in closures and to the food, healthcare, and household chemicals end markets; Custom Blow Molding, one of the leading packaging and container producers for the Sports Nutrition and Nutraceuticals market sectors; Olcott Plastics, which brought significant beauty care packaging expertise and a robust product line to the Pretium portfolio; and Patrick Products Inc., one of the leading packaging and container producers for the janitorial, automotive, and household chemical market sectors. Most recently, in August 2019, Pretium acquired Starplex Scientific, Inc. which supported Pretium’s growth objectives in the medical and consumer healthcare market sectors.
David Golde, Managing Director at Genstar said, “We built Pretium from the talent and capabilities of several independent companies in the U.S. and Canada into the most trusted supplier of rigid packaging solutions today. The combination of Genstar’s investment team and Pretium’s strong leadership under Paul Kayser allowed us to double the size of the business and create a company that today has the scale and dedication to innovative solutions to meet specific market needs. The significant investments we made in processes, product innovation, and add-on initiatives completed over the past several years will continue to drive value for Clearlake.”
Paul Kayser, Chief Executive Officer of Pretium, said, “Pretium flourished under Genstar’s ownership and thanks to their support and collaborative approach we have created a strong platform with customized packaging solutions and strong engineering capabilities poised for future success in the packaging industry. Our leading-edge products and superior service will support our customer’s needs well into the future. We are excited about our next chapter of growth in partnership with Clearlake.”
Rothschild & Co. served as lead financial advisor and Jefferies LLC served as co-financial advisor to Pretium, and Weil, Gotshal & Manges served as legal counsel to Pretium on the transaction.
About Pretium
Pretium Packaging is a leading North American manufacturer of customized, short-to-medium volume, rigid plastic packaging solutions. The company produces containers, bottles, and closures for the food and specialty beverage, healthcare, sports nutrition, personal care, beauty, and household products end markets. Pretium serves its customers through 19 facilities across the U.S. and Canada, and is headquartered in Chesterfield, Missouri. More information is available at www.pretiumpkg.com
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $17 billion of assets under management and targets investments focused on targeted segments of the industrial technology, healthcare, financial services, and software industries.
