Connecticut-based private equity firm completes purchase of Illinois-based packaging materials and systems provider Pregis
May 21, 2014
– Stamford, Connecticut-based Olympus Partners has acquired Pregis Corporation ("Pregis"), a leading global provider of innovative protective packaging materials and systems. The company offers solutions for a wide variety of consumer and industrial market segments including food, beverage, healthcare, medical devices, agricultural, e-commerce, retail, automotive, furniture, electronics, construction and military/aerospace.
Olympus has a long history of investing in successful packaging businesses, including investments in the Waddington Group and PLZ Aeroscience.
"Olympus Partners looks for enterprises that have established a leading market position and have a strong management team. We believe that such companies will enjoy greater long term value creation and generate superior investment returns. Pregis meets those criteria and we are pleased to add the company to our diverse investment portfolio. We look forward to working with Kevin Baudhuin, president and chief executive officer, Keith LaVanway, chief financial officer, and the rest of the management team driving success at Pregis," said Manu Bettegowda, partner. "Pregis is well positioned for growth with innovative solutions, expanding markets and solid channel partnerships."
Founded in 1988, Olympus Partners is a private equity firm focused on providing equity capital for middle market management buyouts and for companies needing capital for expansion. Olympus is an active, long-term investor across a broad range of industries, including restaurants, consumer products, healthcare services, financial services and business services.
Olympus manages in excess of $5.5 billion on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs. The Pregis acquisition is Olympus' eleventh investment out of its $1.5 billion fifth fund.
"On behalf of the Pregis team, we are looking forward to this next chapter with Olympus Partners. We are confident that our strategic vision will be accelerated by investment of significant capital in our business which will help us continue on our growth path and create value for our customers," said Baudhuin.
The Olympus team included Manu Bettegowda, David Haddad, Chase Ormond and Mike Boccia. Olympus was represented by Jim Faley from Winston & Strawn and advised by Deutsche Bank Securities and Goldman Sachs & Co. Debt financing was led by Goldman Sachs and Co. and Barclays.