Blow molder Captive Plastics Inc. of Piscataway, N.J., has acquired Premier Plastics Inc. of Tacoma, Wash., adding two plants on the West Coast and additional capacity in wide-mouth PET containers.
Terms of the late-December deal were not disclosed.
Captive Chief Executive Officer John Dezio and President and Chief Operating Officer Peter Martin discussed the deal in a Jan. 3 telephone interview. It is Captive's second acquisition under the ownership of First Atlantic Capital Ltd. of New York, which bought Captive in 2004. Officials said the timing of the deal, on the tail of its August acquisition of Spentech Plastic Containers Inc. in Richmond, Va., is coincidental and not an indication of an acquisition frenzy.
``We've been building the company with internal growth, and when opportunities arise to bring on good, solid acquisitions, we will do that,'' Martin said.
Premier was a unit of Premier Industries Inc., which also makes block molded expanded polystyrene products under the Insulfoam name at 11 U.S. plants.
The deal adds sites in Lathrop, Calif., and Tacoma, allowing Captive to minimize freight costs amid rising energy costs.
Premier does injection stretch blow molding and extrusion blow molding, making containers for salad dressing, sauces, confections and lawn and garden products; sport bottles and various price-club bottles. Premier uses PET, high and low density polyethylene, polypropylene, PVC, PS and specialty resins.
The business is complementary, as Premier is a large player in the wide-mouth PET segment, giving Captive new customers, market share and products. The deal will add about 200 employees, giving Captive a total of 900-1,000. Tom Kerstetter and Jim Campbell will will stay on as general sales managers.
Captive will have annual sales of more than $200 million, officials said.