Blow molder Pretium Packaging buying Tri-Delta Plastics

Blow molder Pretium Packaging LLC has purchased Tri-Delta Plastics, in a deal that extends Pretium into new markets and product categories.

Terms were not disclosed. Pretium was purchased by San Francisco-based private equity firm Genstar Capital LLC in June. This is Pretium's first acquisition under Genstar's ownership.

Tri-Delta, based in Hillsborough, N.J., primarily serves the spice and seasonings market, and makes both containers and closures.

George Abd, president and CEO of Pretium, said Tri-Delta is a 25-year-old company with a business philosophy, products and workforce that are complementary to Pretium's.

“By entering the spice category and expanding our closures business, Pretium can offer a broader suite of products to our existing customers, as well as strategically position ourselves with new customers,” Abd said in a news release.

Chesterfield, Mo.-based Pretium ranked 16th in Plastics News' recent survey of North American blow molders, with sales of $241 million, 1,045 employees at 11 plants.

Tri-Delta ranked 47th, with $34.5 million in total sales and two plants.

Pretium is buying Tri-Delta from Thomas Dolan, the company president, who is retiring. Dolan will advise the company during the transition, and the rest of Tri-Delta's management team and employees will continue with Pretium.

In a news release, Dolan called Pretium “the best home for our company, as both organizations share a commitment to serving our customers in every way possible. Importantly from my perspective, Pretium completed its due diligence expeditiously and understood how to work with a family-run business in terms of what to ask and how to complete the process.”

David Golde, who leads Genstar Capital's packaging investing efforts, said his firm will help Pretium “aggressively pursue further growth opportunities, both organic and through strategic acquisitions.”

P&M Corporate Finance (PMCF) served as financial adviser to Dolan and Tri-Delta.