Specialized Packaging Group Completes Acquisition of Clark Foam

SPG Continues Expansion of Capabilities and Footprint with Addition of Midwestern Engineered Packaging Solutions Provider

BOLINGBROOK, Ill., May 20, 2024 /PRNewswire/ -- Specialized Packaging Group (SPG), a leading, vertically integrated provider of protective packaging products, today announced the acquisition of Illinois-based Clark Foam Corporation (Clark or Clark Foam). Clark Foam provides custom-designed packaging solutions for a diverse array of end markets, including healthcare and medical, consumer products, energy, technology and semiconductors, defense, heavy equipment, and general industrial materials.

SPG is one of North America's largest independent protective packaging manufacturers and is a portfolio company of Altamont Capital Partners. This addition represents the eighth acquisition for the SPG portfolio since Altamont Capital Partners' investment in 2020.

The acquisition will enhance SPG's existing capability set by expanding its engineered packaging offerings and geographic reach while adding approximately 50 employees to its 1,700-person workforce. Clark Foam's full workforce will continue to operate in their current locations in Bolingbrook, IL, and Louisville, KY. In addition, President and Owner Jim Clark will be retiring from day-to-day operations and will be retained in an advisory role for a short transitionary period.

"The addition of Clark Foam to our rapidly expanding team means we will be adding industry-leading custom-engineered packaging capabilities to an operation that is already world-class. Clark has been a go-to provider of protective packaging and foam fabrication solutions for over 70 years," said SPG CEO Paul Budsworth. "We are also excited to strengthen our presence in the Chicago and Louisville areas, as well as the Midwest market broadly, allowing us to better serve our customers. We look forward to bringing the Clark Foam team fully on board and integrating them into a footprint across North America while providing high-quality packaging solutions to a diverse customer base. We are also grateful for the support, experience, and knowledge of Jim Clark as he transitions out of his current role and into retirement."

"With SPG, we have found a partner that shares our vision and has the resources to accelerate our growth plans in new and existing markets. The Clark Foam team is thrilled to join SPG, and we look forward to taking our combined business to the next level," said Clark Foam President and Owner Jim Clark. "In addition, and after building Clark Foam from the ground up, it was important to know that the company would be in good hands after I step away from day-to-day operations. SPG will continue our legacy of building strong, one-on-one relationships with customers and providing high-quality service and products. I'm grateful for a smooth and successful transaction that led to the best possible result for Clark Foam and our employees."

Morrison & Foerster LLP acted as legal counsel to SPG.

About Specialized Packaging Group
Specialized Packaging Group, Inc. is a vertically integrated provider of protective packaging products and one of the largest independent manufacturers of protective packaging in North America. The company operates under three divisions: IVEX, Packaging Concepts & Design (PCD), and ProtecPac. IVEX manufactures a range of packaging materials at six facilities across the U.S., Canada, and Mexico, PCD is a leader in the design and delivery of highly engineered packaging products and solutions, and ProtecPac designs and manufactures customized packaging solutions at ten facilities in the U.S. and Mexico. For more information, visit https://spg-ges.com/.

About Clark Foam
Clark Foam is a leader in the design and fabrication of highly engineered foam products and protective packaging solutions. Founded in 1951, Clark Foam provides design and fabrication expertise and superb service to companies located throughout the Midwest, primarily serving the healthcare / medical, consumer products, energy, technology / semiconductors, defense, heavy equipment, and general industrial end markets. Its innovative approach to packaging provides customers with custom solutions and lightning-fast delivery throughout their supply chains. For more information, visit https://clarkfoam.net/.

About Altamont Capital Partners
Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with over $4 billion in assets under management. Altamont is focused on investing in middle market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential. The firm's principals have significant experience building business success stories across a range of industries, including multi-unit consumer, specialty manufacturing and distribution, industrials, financial services and business services. For more information, visit www.altamontcapital.com.

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SOURCE Specialized Packaging Group