Pretium Packaging, a manufacturer of plastic containers and closures and a portfolio company of Genstar Capital, has acquired Olcott Plastics.
Olcott Plastics’ manufacturing capabilities include the plastic injection molding, mold building, printing and plastic cap lining. The company produces more than a million plastic jars and closure combinations a day and specializes in packaging for the beauty and healthcare sectors.
Olcott Plastics was founded in 1969 and is based in St. Charles, IL (www.olcottplastics.com). The buy of the company is the sixth add-on acquisition by Pretium since being acquired by Genstar in May 2014.
Pretium Packaging is a manufacturer of plastic containers and closures for the food; specialty beverage; household and industrial cleaner; sports nutrition and health; and beauty product industries. Pretium has more than 700 customers, ranging from Fortune 500 companies to smaller privately-owned businesses, and manufactures approximately two billion PET and HDPE containers annually from its 17 locations across the United States and Canada. The company, led by CEO Paul Kayser, is headquartered near St. Louis in Chesterfield, MO (www.pretiumpkg.com).
The buy of Olcott meaningfully bolsters Pretium’s injection molding and personal care and beauty product offerings. In keeping with Pretium’s acquisition philosophy, the existing employees and management of Olcott will be retained. “We are pleased to welcome co-owners Joseph Brodner and John Brodner, and the Olcott employees, to the Pretium organization,” said Mr. Kayser. “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.”
“Genstar is excited to be sponsoring Pretium’s acquisition of Olcott, which is the sixth acquisition completed during Genstar’s ownership,” said David Golde, a managing director at Genstar. “Olcott brings to Pretium significant expertise and market presence in injection molding and personal care packaging, both of which represent key areas of continued investment and growth for Pretium.”
Genstar 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. The firm targets investments in the financial services, software, industrial technology, and healthcare industries. In February 2019, Genstar held a final closing of Genstar Capital Partners IX LP with $5.9 billion in capital commitments. Genstar was founded in 1988 and is headquartered in San Francisco (www.gencap.com).
P&M Corporate Finance (www.pmcf.com) was the financial advisor to Olcott.
© 2019 Private Equity Professional | April 16, 2019
