Pretium Packaging, a supplier of blow molded packaging and a portfolio company of Genstar Capital, has acquired Intertech Corporation, a manufacturer of stock, custom, and proprietary plastic bottles. Genstar acquired Pretium Packaging from Castle Harlan in June 2014.
Intertech provides blow molded high-density polyethylene (HDPE) products and containers to the specialty chemical, personal healthcare, institutional, household products, automotive, and agricultural products markets. Intertech also offers design services, in-line decorating, warehousing, and shipping. The company was founded in 1974 by Jack Worsham and is headquartered in Greensboro, NC (www.intertechcorp.com).
“The acquisition of Intertech gives Pretium our first location in North Carolina and a great team that will enable us to leverage that location to better serve customers in the region,” said George Abd, President and CEO of Pretium.
Pretium Packaging is one of the nation’s largest manufacturers of customized, high performance rigid plastic bottles and containers. The company has capabilities in all major resin types and manufacturing processes and is primarily focused on customers with small-to-medium volume requirements. Pretium sells its products to a customer base of over 700 companies, ranging from Fortune 500 companies to smaller privately-owned businesses in the food & specialty beverage, private label, pharmaceutical, personal care and household & industrial sectors. Pretium is headquartered near St. Louis in Chesterfield, MO (www.pretiumpkg.com).
“The acquisition of Intertech is Pretium’s second strategic acquisition in the past 3 months and is the next step in our strategy to build Pretium both organically and through selective acquisitions,” said David Golde, a Principal at Genstar Capital. In December 2014, Pretium acquired Tri-Delta, a manufacturer of containers, bottles, and closures used in the food, healthcare, and household chemicals end markets. “Intertech represents a highly strategic acquisition for Pretium,” said Mr. Golde. “As part of our growth strategy with Pretium, we continue to have a strong interest in additional acquisitions that help Pretium better serve its existing customers and gain new customers.”
Genstar Capital invests from $50 million to $400 million in middle-market companies that have enterprise values from $50 million to $1 billion and EBITDAs greater than $15 million. Genstar manages approximately $3 billion of committed capital and targets investments in the industrial technology, financial services, software, and healthcare industries. The firm was founded in 1988 and is based in San Francisco (www.gencap.com).
Mesirow Financial served as financial advisor to Intertech Corporation.
© 2015 PEPD • Private Equity’s Leading News Magazine • 2-24-15