SALT LAKE CITY, Dec. 28, 2021 /PRNewswire/ -- Banner Ventures today announced a new partnership with Premier Plastics, LLC and founder Jim Holbrook. Mr. Holbrook started Premier in 1989 in Salt Lake City and today it has become the market leader for specialty plastic packaging in the Intermountain West, with a particular focus in the medical device and consumer packaging sectors.
Mr. Holbrook retained a meaningful ownership stake in Premier and will continue to serve as Chief Executive Officer during this next phase of aggressive expansion. "For the last 32 years, we have built Premier Plastics into a market leader without any outside capital. We have the team, the capability and the market reputation to double our scale in the near-term—but to do so I needed to bring in capital partners," stated Mr. Holbrook. "After considering all of our options, I felt like Banner was the right partner to continue building on our great legacy and success."
In addition to Banner Ventures, healthcare and manufacturing industry veterans Ron Labrum and Tony Orsini co-invested via Seventeen Capital, LLC with the goal of driving additional growth in the medical device and supply categories. "In addition to Ron's experience with Baxter and Cardinal Health, together we have helped scale businesses such as Fenwal and Flexan in the healthcare sector—and we firmly believe in Premier Plastics' ability to expand and scale to the next level," stated Mr. Orsini, who will join the company's board of directors.
"This transaction is a great example of our partnership capital model," stated Tanner Ainge, Managing Partner of Banner Ventures. "Premier Plastics has an incredible team, culture and operating history that we are now thrilled to be a part of. Over the next several years we believe Premier is positioned to be the category leader for custom thermoforming solutions and we could not be more excited about partnering with Founder & CEO Jim Holbrook and the entire Premier Plastics team."
"Our expansion plan is already underway," said Tyler Price, Principal of Banner Ventures. "Acquisitions, new geographies, additional investments in production capabilities and a focused outreach to bring on new customers in the medical and consumer categories are all part of the growth strategy," continued Mr. Price, inviting potential prospects for Premier to contact him at: [email protected]
Financing for the transaction was provided by Key Bank and McGuire Woods advised Banner Ventures on the deal. Premier Plastics and Mr. Holbrook were advised by Forbes M+A and VLP Law Group.
ABOUT BANNER VENTURES
Banner Ventures is a private equity & venture capital firm focused on providing partnership capital to family-owned and founder-led businesses in the United States. More information can be found at www.banner.ventures
ABOUT PREMIER PLASTICS
Founded in the late 1980's, Premier Plastics is a specialty plastic packaging manufacturer located in Salt Lake City, Utah. Through its integrated platform of end-to-end services, it is able to engineer unique solutions to its core customers across a number of attractive end-markets, including medical, specialty food, retail/consumer goods and nutraceutical. More information can be found at www.premierplastics.net
SOURCE Banner Ventures