Pretium Packaging LLC is keeping its word.
It was last summer when CEO Paul Kayser promised the rigid plastic container and closure maker was not done making deals.
And now comes word that the Chesterfield, Mo.-based company is has found its next acquisition target in a small Ohio town.
Patrick Products Inc., a maker of packaging for the janitorial, automotive and household chemical markets, is the latest company being purchased by Pretium.
The Leipsic, Ohio, company has been making rigid blow molded plastic containers for 17 years and indicated the timing was right for a change in ownership.
“When we founded Patrick Products in 1999, our goal was to build a state-of-the-art facility coupled with an outstanding employee team to service our customers. We reached that goal,” said CEO Bob Patrick in a statement. “Early into the process, it became very clear to me, that a merger between Patrick and Pretium would greatly benefit both companies, our employees and our combined customer base.”
Pretium is owned by Genstar Capital LLC, and the private equity firm has made it clear it likes what it sees in the plastics business.
“Genstar and Pretium are committed to providing our acquired businesses with the resources and capital they desire to continue their growth while maintaining the entrepreneurial culture that has driven their historical success,' said David Golde, a director with Genstar Capital, in a statement.
Pretium calls itself a leader in short-to-medium run PET and high density polyethylene rigid plastic containers and closures. Markets include food, specialty beverage, household, industrial, health, beauty, sports nutrition and dietary supplements.
“Patrick Products now has the ability to offer our customers a combined footprint across North America. For some customers we can now leverage Pretium's extensive PET capabilities which we have not offered before,” Patrick Products President Roger Selhorst said in a statement.
Kayser, in a statement, called the fit between Pretium and Patrick Products a “natural for both sides as Pretium continues to offer a unique avenue to merger with strong independent blow-molding players across the U.S. and Canada who are looking for a way to join a company with a strong technical base, wide-range of capabilities and a welcoming culture.”
And, he indicated, the company will continue to look for more acquisitions.
The deal for Patrick Products follows last summer's purchase of Tri-Pack Enterprises Inc., which does business as Custom Blow Molding. The company also previously purchased Tri-Delta Plastics and Intertech Corp. and merged with Novapak Corp.
Pretium ranked 14th in Plastics News' 2016 survey of North American blow molders with estimated relevant sales of $290 million.
