Private equity firm Olympus Partners has expanded its plastics involvement with the purchase of Holopack International Corp. of Columbia, S.C.
Holopack specializes in making blow molded containers and filling them with pharmaceuticals in a process called blow-fill-seal. Most of its BFS pharmaceuticals are directed at respiratory ailments and are administered by nebulizers. Holopack also uses patented unit-dose technology to package over-the-counter pharmaceuticals for major brands.
Terms of the March 10 acquisition were not disclosed.
“They are a good growth opportunity and are entering markets they haven't been in before,” Evan Eason, Olympus vice president, said in a telephone interview from his company's head office in Stamford, Conn.
Holopack officials declined comment on the firm's marketing plans and its size. A news release stated Holopack is the leading contract BFS manufacturer in the United States.
Holopack is changing its name to Ritedose Corp. Eason said no other changes are planned at the business.
Olympus has a sizeable stake in rotational molding. Last fall it solidified that stake with the purchase of Norwesco Inc. of St. Bonifacius, Minn. Eason said Holopack and the rotomolding business are not connected.
“We are excited about investing beside [Holopack's] management to continue rapidly expanding its business with existing and new customers and maintaining [Holopack's] position at the cutting edge of the BFS technology,” Rob Morris, Olympus managing partner, stated in a news release.
Holopack was sold by the Hansen Corporate Group of Stuttgart, Germany. Hansen Corporate runs several packaging machinery companies in Germany and Switzerland, including Kocher-Plastik Maschinenbau GmbH of Sulzbach-Laufen, Germany.
Chicago investment company Houlihan Lokey, Howard & Zukin Inc. advised Hansen Corporate in the transaction. Law firm Simpson Thatcher & Bartlett LLP of New York represented Hansen Corporate.