Trive Exits Precise Packaging

Trive Capital has sold Precise Packaging to PLZ Aeroscience, a portfolio company of Pritzker Private Capital since July 2015.

Precise Packaging (PPI) is a manufacturer of aerosol and pump spray products used in the personal care, regulated and over-the-counter, and household end-markets. The company’s products include room sprays, fragrance oils, cosmetic mousses, and deodorants.

PPI’s services range from initial laboratory formulation and material sourcing to production, filling, quality control, and delivery. Precise Packaging, led by CEO Shaun Gaus, was founded in 1988 and has a 120,000 sq. ft. manufacturing facility and headquarters in Fall River, MA (www.precisepackaging.com).

Trive Capital acquired Precise Packaging in December 2012. “Under Trive ownership, Precise has transformed into an end-to-end service provider that is an industry leader in the formulation, design and production of complex personal care products,” said Mr. Gaus. “The partnership with Trive was critical as the business developed and executed an ambitious operational value plan dedicated to offering a more compelling value proposition to our customers. The Precise management team is excited to begin a new partnership with PLZ, who we believe offers additional resources, relationships and capabilities that will continue to support the company’s growth.”

PLZ is a manufacturer of more than 2,500 branded and private-label aerosol products including industrial solvents, lubricants and degreasers, adhesives, sanitary supply disinfectants, insecticides, cleaners, polishes, air fresheners and personal care products. PLZ is based near Chicago in Downers Grove (www.plzaeroscience.com).

“During Trive’s ownership, the company has expanded capacity, added new capabilities and built a world-class management team who collaboratively executed on a shared vision,” said David Stinnett, a partner at Trive. “As a result, the company is well-positioned for continued success, and we believe PLZ is the best partner to continue this momentum via further investment in the business and its people.”

Trive invests from $10 million to $150 million of debt or equity in North America-headquartered companies with revenues of $40 million to $1.5 billion. The firm is industry-agnostic but has specific experience across a wide range of sectors including aerospace and defense, automotive, building products, business services, chemicals, and consumer goods. In September 2017, Trive held a final closing of Trive Capital Fund III LP with $1 billion of capital commitments. The firm was founded in 2012 by Conner Searcy and Chris Zugaro and is based in Dallas (www.trivecapital.com).

Pritzker Private Capital (PPC) acquires North America-based middle-market companies that have enterprise values between $100 million and $750 million and EBITDA in excess of $15 million. Sectors of interest include manufactured products, services and healthcare. The firm is led by Tony Pritzker and the former investment and operating professionals of Pritzker Group Private Capital. In July 2018, PPC held a final closing of PPC Fund II LP at its hard cap of $1.8 billion. The firm has offices in Chicago and Los Angeles (www.PPCPartners.com).

Lazard Middle Market was the financial advisor to Precise Packaging and Trive Capital on this transaction.

© 2019 Private Equity Professional | August 23, 2019

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