Genstar Capital (San Francisco) announced January 15 the sale of Pretium Packaging (Chesterfield, MO) to Clearlake Capital Group, L.P. (Santa Monica, CA), a private equity firm.
Genstar is a private equity firm focused on investments in targeted segments of the industrial technology, healthcare, financial services and software industries.
Pretium is a provider of custom, high performance rigid plastic bottles and containers, serving a diverse base of customers in the food and specialty beverage, healthcare, sports nutrition, personal care, beauty, and household products end markets. Pretium’s multiuse packaging solutions are based primarily on PET, HPDE, and polypropylene resin, with a wide-array of options including up to 100% post-consumer recycled material content.
Under Genstar’s ownership since 2014 and driven by a newly recruited senior leadership team and revamped sales processes, Pretium grew to more than $450 million in revenue and 19 production facilities. Additionally, Pretium completed seven acquisitions and gained a reputation as an acquirer of choice among regional family-owned blow-molding companies.
Genstar oversaw the acquisition and successful integration of one to two companies each year. Notable acquisitions include:
- Tri-Delta Plastics, whose rigid packaging products expanded Pretium’s presence both in closures and to the food, healthcare, and household chemicals end markets;
- Custom Blow Molding, one of the leading packaging and container producers for the Sports Nutrition and Nutraceuticals market sectors;
- Olcott Plastics, which brought significant beauty care packaging expertise and a robust product line to the Pretium portfolio; and
- Patrick Products Inc., one of the leading packaging and container producers for the janitorial, automotive, and household chemical market sectors.
In August 2019, Pretium acquired Starplex Scientific, Inc. which supported Pretium’s growth objectives in the medical and consumer healthcare market sectors.
David Golde, Managing Director at Genstar said, “We built Pretium from the talent and capabilities of several independent companies in the U.S. and Canada into the most trusted supplier of rigid packaging solutions today. The combination of Genstar’s investment team and Pretium’s strong leadership under Paul Kayser allowed us to double the size of the business and create a company that today has the scale and dedication to innovative solutions to meet specific market needs. The significant investments we made in processes, product innovation, and add-on initiatives completed over the past several years will continue to drive value for Clearlake.”
Paul Kayser, Chief Executive Officer of Pretium, said, “Pretium flourished under Genstar’s ownership and thanks to their support and collaborative approach we have created a strong platform with customized packaging solutions and strong engineering capabilities poised for future success in the packaging industry. Our leading-edge products and superior service will support our customer’s needs well into the future. We are excited about our next chapter of growth in partnership with Clearlake.”
Clearlake Capital Group is a leading private investment firm founded in 2006 that uses a sector-focused approach in core targets including software and technology-enabled services; industrials and energy; and consumer. Clearlake has more than $16 billion of assets under management and its senior investment principals have led or co-led more than 200 investments.
You can read more about Pretium Packaging's acqusitions and developments in this list of features posted at PlasticsToday.