Pretium Packaging Announces the Acquisition of Patrick Products

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Apr 03, 2017, 07:34 ET

CHESTERFIELD, Mo., April 3, 2017 /PRNewswire/ -- Pretium, a leader in short-to-medium run PET and HDPE rigid plastic blow-molded containers and closures for the Food and Specialty Beverage, Household and Industrial, Health and Beauty, and Sports Nutrition and Dietary Supplements market sectors, is excited to welcome the leadership, employees and expertise of Patrick Products Inc. ("Patrick") – one of the leading packaging and container producers for the janitorial, automotive, and household chemical market sectors.

Based in Leipsic, Ohio, Patrick has been a leader in the manufacturing of rigid blow-molded plastic containers for over 17 years. During this time, Patrick has established itself as a premier supplier focused on outstanding customer service while maintaining a strong reputation for quality products, services and innovative thinking. Pretium will retain the Patrick brand name joining our existing Pretium and CBM divisional brands. The entire Patrick leadership team will be joining Pretium to help drive the new partnership through its next phase of growth.

Bob Patrick, Chairman and CEO of Patrick Products, said, "When we founded Patrick Products in 1999 our goal was to build a state-of-the-art facility coupled with an outstanding employee team to service our customers. We reached that goal. My management team and employees are pleased to join a company where we can continue driving Patrick's culture of supporting our customers with exemplary products and customer service. Early into the process, it became very clear to me, that a merger between Patrick and Pretium would greatly benefit both companies, our employees and our combined customer base."

Roger Selhorst, President of Patrick Products, added, "Patrick Products now has the ability to offer our customers a combined footprint across North America. For some customers we can now leverage Pretium's extensive PET capabilities which we have not offered before. The process of joining Pretium has been fantastic. Pretium completed its due diligence quickly and really took the time to understand our business, our people and our future growth plans. We look forward to writing the next chapter of the Patrick Product's story as an integral part of Pretium Packaging."

Paul Kayser, President and CEO of Pretium, said, "The highly-disciplined approach established by Bob Patrick towards servicing their specific markets, their unwavering dedication towards their customers, their innovative operating model which is so critical to the markets they serve, and their state-of-the-art facility were driving factors supporting the acquisition. Most importantly, the Patrick leadership team shares our passion for the same winning formula with our respective customers and I am very excited to have them on my team here at Pretium. The fit was natural for both sides as Pretium continues to offer a unique avenue to merge with strong independent blow-molding players across the US and Canada who are looking for a way to join a company with a strong technical base, wide-range of capabilities and a welcoming culture. Partnered with our financial sponsor, Genstar Capital, we look to do more acquisitions in the future."

David Golde, Director at Genstar Capital, commented, "Genstar is excited to continue supporting Pretium's highly successful strategy of acquiring outstanding blow molding companies such as Patrick Products. Genstar and Pretium are committed to providing our acquired businesses with the resources and capital they desire to continue their growth while maintaining the entrepreneurial culture that has driven their historical success."

Context Capital Group served as the financial advisor to Patrick for this transaction.

About Pretium

Based in Chesterfield, MO, Pretium (www.pretiumpkg.com) manufactures rigid plastic containers and closures that require significant technical expertise and proprietary tooling to manufacture. Pretium utilizes its national manufacturing footprint, design and engineering capabilities, and full range of process capabilities to provide customized solutions to its customers in the Food and Specialty Beverage, Household and Industrial, Health and Beauty, and Sports Nutrition and Dietary Supplements markets. Pretium distinguishes itself through service, flexibility, speed-to-market and engineering capabilities. The Company sells its products to a diversified customer base of over 600 companies focused on private label, independent brands and the contract filling industries.

About Genstar Capital

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 25 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of approximately $9 billion and targets investments focused on targeted segments of the industrial technology, financial services, software, and healthcare industries.

Contact:
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SOURCE Pretium