https://www.prnewswire.com/news-releases/clearlake-capital-acquires-pretium-packaging-300987570.html
Santa Monica, Calif. and Chesterfield, Mo., Jan. 15, 2020 /PRNewswire/ — Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) in partnership with management announced that it has acquired Pretium Packaging (“Pretium” or the “Company”) from Genstar Capital. Pretium is a leading full-service designer and manufacturer of rigid packaging solutions for specialized applications. Financial terms of the transaction were not disclosed.
Headquartered in Chesterfield, Missouri, Pretium is a leader in innovation and automation of multiple rigid packaging technologies in a diverse set of end markets including food and specialty beverage, healthcare, sports nutrition, personal care, beauty, and household products. The Company’s multi-use 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, making it a leading choice for customers focused on sustainability. Pretium differentiates itself through flexibility, innovation and automation, short changeover times, and a national footprint of 19 highly automated manufacturing facilities. Paul Kayser, Pretium’s CEO, and the existing management team will continue to lead the Company.
“Pretium provides a winning combination of innovative and sustainable packaging solutions, national scale, and highly responsive local service in attractive end markets,” said José E. Feliciano, Co-Founder and Managing Partner of Clearlake. “Pretium’s focus on new technologies and service has enabled it to develop a loyal customer base, and we are excited to partner with Paul and his team as the Company enters its next phase of growth.”
“We are thrilled to welcome Clearlake as Pretium continues driving organic growth and executes our platform consolidation strategy. With strategic resources, operational insights, and support from Clearlake, we look forward to continuing to deliver quality rigid packaging solutions to our valued customers,” said Mr. Kayser.
“Pretium is a true market leader, offering packaging solutions valued across today’s marketplace, supported by a strong, winning culture,” added Arta Tabaee, Managing Director at Clearlake. “Pretium is on an impressive trajectory, having developed a flexible national footprint, a complete spectrum of design, engineering and automation solutions, and production capabilities across containers, caps, closures, and dispensers across substrates. We look forward to leveraging Clearlake’s O.P.S.® framework to continue driving organic growth, implementing profitability enhancing initiatives, and supporting Paul and his team in completing strategic acquisitions in this highly fragmented market.”
Evercore acted as the exclusive financial advisor to Clearlake. Rothschild & Co. and Jefferies LLC served as financial advisors to the Company.
About Pretium Packaging
Pretium Packaging is a leading North American manufacturer of customized, short-to-medium volume, rigid plastic packaging solutions. The company produces containers, bottles, and closures for the food and specialty beverage, healthcare, sports nutrition, personal care, beauty, and household products end markets. Pretium serves its customers through nineteen facilities across the U.S. and Canada, and is headquartered in Chesterfield, Missouri. More information is available at www.pretiumpkg.com
About Clearlake
Clearlake Capital Group, L.P. is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are industrials and energy; software and technology-enabled services; and consumer. Clearlake has managed over $16 billion of institutional capital since inception and its senior investment principals have led or co-led over 200 investments. More information is available at www.clearlake.com.
SOURCE Clearlake Capital Group, L.P.
