When Olcott Plastics Inc. began injection molding plastic jars five decades ago, members of the family-owned business would sell their products to customers out of the back of a station wagon.
Many of those same customers are still doing business with the St. Charles, Ill.-based packaging maker, but times are much different.
Olcott now produces more than 1 million jar and closure combinations for the personal care and health and beauty segments each and every day, a level of business that attracted Pretium Packaging LLC's interest.
Chesterfield, Mo.-based Pretium is acquiring Olcott in a deal that "meaningfully bolsters" Pretium's business in those categories, the company said.
Olcott co-owners Joseph Brodner and John Brodner will both continue working along with other Olcott employees, Pretium CEO Paul Kayser said in a statement.
"The acquisition brings significant beauty care packaging expertise and a robust product line to the Pretium portfolio, which nicely complement the health and beauty care packaging offerings already in our portfolio," Kayser said.
Olcott is a 50-year-old injection molder making and decorating single- and double-wall polypropylene jars and seamless PET jars. The company also produces PP closures with liners.
Joseph Brodner and John Brodner are third-generation owners of Olcott, an offshoot of Damen Tool & Engineering Co. of Chicago.
Damen Tool was started in 1944 by Joseph Brodner Sr., Joseph Brodner Jr. and Peter Brodner as a mold building and repair company.
Olcott Plastics was under the direction of Joseph Brodner Jr. until the late 1980s when his sons Joseph and John joined. Olcott became a separate company in 1991.
Along with injection molding, printing and cap lining, Olcott also builds molds.
This is the sixth acquisition by Pretium since its 2016 purchase by private equity firm Genstar Capital LLC of San Francisco.
"Olcott brings to Pretium significant expertise and market presence in injection molding and personal care packaging, both of which represent key areas of continued investment and growth for Pretium," said Genstar Managing Director David Golde in a statement.
P&M Corporate Finance was Olcott's financial adviser.