Updated: Private equity firm Onex Corp. is acquiring IntraPac International Corp. in a deal that includes nine manufacturing sites in Canada, the United States and Costa Rica.
IntraPac calls itself a diverse packaging company that creates products for the personal care, pharmaceutical, food and household segments.
Offerings include bottles, closures, vials, jars, laminate and tin tubes, deodorant sticks, cannulas, droppers and specialty coating services.
“IntraPac has an exceptional reputation for its high-quality products and customer service, which has led to strong growth and established the company as a market-leader in many of its segments,” said Ryan Mashinter, a managing director with Oncap, a fund within Onex that is making the purchase, in a statement.
Oncap is the middle-market private equity unit of Toronto-based Onex. The company said it, along with IntraPac management, invested approximately $120 million of equity.
“Oncap's strong investment track record and deep knowledge of the packaging industry will add substantial value as we embark on our next phase of growth,” said IntraPac CEO Ray Grupinski said in a statement.
Mooresville, N.C.-based IntraPac was sold by CI Capital Partners LLC. Terms were not disclosed.
IntraPac employs more than 800.
CI Capital acquired IntraPac in late 2011 from former CEO Gary Ullman and two investors. The new owner, at the time, said it had ambitious plans for expansion, through both acquisitions and through internal growth. News coverage at that time indicated the company had seven sites and about 750 workers.
IntraPac began in 2003 when CCL Industries Inc. spun off operations that were then considered non-core businesses.
Oncap's current plastics investments include equipment company Davis-Standard LLC.