Liqui-Box Holdings Inc. is being sold by one private investment firm to another.
The Richmond, Va.-based packaging company is now under the control of Olympus Partners of Stamford, Conn., which acquired the firm from Houston-based Sterling Group.
A heavyweight in the bag-in-box business, Liqui-Box serves the filling and dispensing needs for a variety of end markets, including dairy, beverage, food and wine, the new owners said.
“Liqui-Box is a market leader driven by its product quality, service and technological innovation. The company has an entrenched position with a broad, blue chip customer base and we are excited to expand to new customers, geographies and products,” said Manu Bettegowda, a partner with Olympus Partners, in a statement.
It was just about four years ago that Sterling purchased Liqui-Box from DuPont Co. in 2011.
Sterling, at the time, said it was going to expand the company's global footprint, invest in technology and expand offerings to customers.
Organic earnings before interest, taxes, depreciation and amortization grew by more than 45 percent during Sterling's ownership, that investment firm said.
“The company has improved operations, expanded into new geographies and end markets, and successfully reached new customers,” CEO Ken Swanson said in a statement. “The result is new levels of growth and profitability at Liqui-Box.”
Olympus Partners should be familiar for folks following the plastics industry.
The investment firm currently owns Pregis LLC of Deerfield, Ill, a maker of protective packaging products and systems
“We are enthusiastic about the opportunity to partner with an experienced packaging investor in Olympus,” Swanson said in a statement. “Together, we will continue to provide value to our customers and build on the momentum we have achieved to date.”
Olympus, just this summer, struck a deal to sell Waddington Group Inc. of Covington, Ky., a plastic food-service product maker, to Jarden Corp. for $1.35 billion.
Terms of the Liqui-Box deal were not disclosed.
Liqui-Box moved its corporate headquarters from Worthington, Ohio, to Richmond, Va., last year.