plastic bottles

Genstar Adds-On Again to Pretium Packaging

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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

Genstar Capital Acquires Tri-Delta Plastics

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Pretium Packaging, a supplier of custom blow molded packaging and a portfolio company of Genstar Capital since June 2014, has acquired Tri-Delta Plastics.

“We are excited to be supporting Pretium in its first acquisition under Genstar’s ownership. Funding growth initiatives is a key aspect of Genstar’s investment philosophy, and we will continue to work closely with Pretium management to aggressively pursue future growth opportunities, both organic and through strategic acquisitions,” said David Golde, who leads Genstar Capital’s packaging investing efforts.

Tri-Delta is a manufacturer of rigid packaging products used in the food, healthcare, and household chemicals end markets. Products include containers, bottles, and closures that are used primarily within the spice and seasonings end market. Tri-Delta is based in Hillsborough, NJ (www.trideltaplastics.com).

“Very early in our sale process it became clear to me that Pretium Packaging would be the best home for our company as both organizations share a commitment to serving our customers in every way possible,” said Thomas Dolan, Owner and President of Tri-Delta.  “Importantly from my perspective, Pretium completed its due diligence expeditiously and understood how to work with a family-run business in terms of what to ask and how to complete the process.”

Upon completion of the transaction, Mr. Dolan plans to retire following more than two decades of building the company and will continue as an advisor during its transition to 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 600 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).

“This transaction is in-line with our strategy to build Pretium both organically and through selective acquisitions that expand our markets, technologies and geographic reach to allow us to better serve our customers.  We are very pleased with the strong pipeline of potential transactions of independent manufacturers from which we continue to identify new strategic growth opportunities,” said George Abd, President and CEO of Pretium.

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).

P&M Corporate Finance served as financial advisor to Tri-Delta and Mr. Dolan.

2014 PEPD • Private Equity’s Leading News Magazine • 12-11-14