Castle Harlan completes US$200m purchase of Pretium
Private equity firm Castle Harlan has completed its acquisition of blow-moulded packaging producer Pretium Packaging.
Private equity firm Castle Harlan has completed its acquisition of blow-moulded packaging producer Pretium
Packaging.
In conjunction with the closing of this transaction, Pretium has acquired PVC Container Corporation, the parent of Novapak Corporation, which also makes plastic containers for the chemical, healthcare and personal care sectors.
Castle Harlan said the combined company, which carries the Pretium name, has annual sales of approximately US$240m and 14 manufacturing plants in the US and Canada serving more than 500 customers.
Pretium's founder, Keith Harbison, retains a significant minority stake as a partner in the company and is on its board of directors.
Pretium is based in Chesterfield, Missouri and its management will continue to operate the company, alongside some of Novapak's management team.
Cleveland-based private equity investment firm Kirtland Capital sold Novapak, based in Eatontown, New Jersey.
George Abd, Pretium's chief executive, said: "This transaction combines world-class assets that enable us to give our customers, and the market in general, an unparalleled breadth of product offerings and innovative packaging designs."