St. Louis — Anchor Packaging LLC is building its presence in thermoformed packaging for fresh food by acquiring Panoramic Inc. of Janesville, Wis.
St. Louis-based Anchor said in announcement for the deal on July 9 that Panoramic has grown at a double-digit annual rate during the past 14 years and that it has a diverse customer base covering both regional and national food processors and retailers.
"This acquisition is strategically important to us for two reasons: It will significantly broaden our offering to attract bakery, produce, deli and confectionery customers," Anchor President and CEO Jeff Wolff said in a news release. "Also, it expands our capabilities and speed to market across any size customer or project to support the growing needs of our customers."
The purchase comes a little more than a year after private equity firm The Jordan Co. invested in the company, acquiring an unspecified stake in Anchor.
Anchor had $380 million in sales in thermoforming in North America, placing it at No. 9 in Plastics News' most recent ranking of thermoformers in the region. It had another $120 million in film and sheet sales in North America. It said its stock product line covers 450 rigid packaging and cling film products.
Panoramic adds $44 million in thermoforming sales in the region, placing it at No. 40 in the most recent PN ranking.
Anchor said the combination of the two companies will position itself with comprehensive products for customers throughout North America, regardless of "the size of customer, product or project."
Panoramic offers 500 rigid packaging options for bakery, deli, confectionery and produce.
"I truly believe, from the bottom of my heart, this is the right thing to do for Panoramic Inc. and more importantly for all of our employees and our loyal customers," said Rick Holznecht, the former president of Panoramic Inc. "We share a joint heritage in that both of our companies were founded and operated as Midwestern-based, family-owned businesses for many years.
"This is an exciting new chapter for Panoramic Inc. and an opportunity to grow with a family of companies that shares our customer-centric innovative vision."
P&M Corporate Finance served as Panoramic’s financial adviser in the transaction.