Packaging converter Plastic Packaging Technologies LLC has been purchased by private equity firm Mid Oaks Investments LLC of Buffalo Grove, Ill. Terms of the deal were not disclosed.
According to a Dec. 21 news release from PPT and Mid Oaks, PPT's current management, led by President and CEO David Staker and Executive Vice President Dan Staker, will continue leading the business.
PPT prides itself on providing innovative, high-quality products using the best technology available. With Mid Oaks as our new owners, we will have additional resources at our disposal to help PPT grow to the next level, David Staker said in the release.
PPT was previously owned by Stonehenge Partners Inc. of Columbus, Ohio, and Tech Investments LLC of Kansas City, Mo. PPT was advised on the sale by Chicago-based investment firm Blaige & Co. LLC.
We found Stonehenge for [PPT] in 2004 when they did their first deal. Stonehenge provided the impetus to propel [PPT] forward; [PPT] has grown their business two- or three-fold, Blaige & Co. President Tom Blaige said in a Dec. 21 telephone interview. Mid Oaks is going to propel them forward even more.
Blaige said PPT is working to reach $200 million to $300 million in sales and to become the supplier of choice for value-added flexible packaging.
PPT is known for printed and laminated substrates that are then converted into flexible packaging pouches, as well as some secondary capabilities.
It's not enough just to produce an attractively printed stand-up pouch. You have to work with the customer to make sure you add the right functionality sliders, spouts, tear-off scoring, etc. which will support product growth and attract repeat purchases, David Staker said.
The company's capabilities include printing, gusseting, solvent-less adhesive lamination, high-speed slitting, pouch making and converting.
PPT employs about 200 and operates Kansas City, Kan., and Columbus, Ohio, production facilities totaling 175,000 square feet of manufacturing space.