O2 Investment Partners, a Bloomfield Hills, Mich.-based private equity firm, is expected to announce July 17 that is has acquired Phoenix-based Packaging Specialists Inc. for Packaging Concepts & Design, a portfolio company based in Troy, Mich.
Terms of the deal will not be disclosed.
Packaging Specialists has 45 employees. Its management, including President Patrick Coveney, will remain with the company.
Founded in 1976, PSI is a designer and manufacturer of custom-engineered foam and wood protective packaging products for major industrial manufacturers throughout the Southwest U.S., including customers in the aerospace, defense, electronics and semiconductor industries.
"The acquisition of PSI is highly complementary to PC&D's extensive design and engineering capabilities and provides a great opportunity for growth in the Southwestern U.S. market, " said Joseph Gumbis, Packaging Concept's CEO.
"PSI is a highly regarded packaging supplier, and Patrick Coveney is highly respected within the packaging industry," said Jay Hansen, a managing partner at O2. "We are very excited about partnering with the PSI team to serve the broader geographic and industry end markets of the combined businesses."
O2 Investment Partners acquires majority interests in manufacturing, technology, niche distribution and services businesses.
Packaging Concepts provides packaging materials and systems for Tier 1 automotive suppliers and automakers and serves the heavy truck, energy, construction equipment, consumer and food and beverage markets. It was founded in 1914.