Gryphon Buys Plastic Packaging Maker

Gryphon Investors has agreed to acquire Pacur, a supplier of specialty plastic packaging materials used in the medical device industry.

Pacur is a supplier of extruded polyethylene terephthalate glycol (PETG) sheet used principally to provide rigid packaging for medical devices. The company also produces plastic sheet that is used for specialty graphics, pharmaceutical packaging, and food packaging applications. Pacur was founded in 1979 and is headquartered in Oshkosh, Wisconsin.

Pacur’s management team, led by CEO Barry Johnson, will continue to manage the business and the Johnson family will remain significant owners of the company. Pacur was previously led by Ron Johnson prior to his election to the U.S. Senate in 2010.

“Pacur is a trusted partner of several of the world’s most respected medical device brands and leading thermoformer customers,” said Wes Lucas, an operating partner at Gryphon. “We believe that the company is well-positioned for long-term global growth in attractive medical and pharmaceutical end markets. At this exciting stage of the company’s evolution, we see many opportunities for expansion both organically and through acquisition.”

“Gryphon’s history of supporting business-building initiatives and growth, offering sophisticated industry insights, and creating true partnerships with family-owned businesses made it clear that the firm was a great fit for Pacur,” said Barry Johnson.

“Gryphon is very pleased to partner with the Johnson family and Pacur’s management team to extend the company’s leadership in the materials and medical packaging industry,” said Bob Grady, a partner at Gryphon and head of the firm’s industrial growth group. “This investment was the result of a multi-year initiative to seek investments in high-quality advanced materials companies, and we were impressed by Pacur’s deeply established relationships throughout the medical device value chain, its new product pipeline, and its team-oriented culture.”

San Francisco-based Gryphon makes leveraged acquisitions and growth investments in middle-market companies. The firm invests from $100 million to $300 million of capital in companies with enterprise values ranging from $100 million to $500 million. Sectors of interest include business services, consumer products and services, healthcare, industrial growth, and software. In July 2019 the firm held a final closing of Gryphon Partners V LP at its hard cap of $2.1 billion. The new fund was oversubscribed and exceeded its original target of $1.5 billion.

Wells Fargo Securities is the financial advisor to Pacur and the Johnson family on this transaction.

© 2020 Private Equity Professional | February 12, 2020

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