C-P Flexible Packaging is acquiring Genpak Flexible, a specialist in compostable packaging.
York, Pa.-based C-P Flexible announced the deal June 19, as mergers and acquisitions began to pick up following a near total shutdown in recent months because of the coronavirus pandemic.
Terms were not disclosed.
C-P Flexible specializes in rollstock, premade pouches, resealable packaging and shrink sleeves. The company has been owned by New York-based private equity firm First Atlantic Capital Ltd. since 2012.
This marks the second acquisition for C-P Flexible since First Atlantic's investment. The company bought Buffalo, N.Y.-based Flexo Transparent LLC in 2019.
Genpak supplies compostable packaging and has a wide range of patented flexible packaging solutions. Genpak was previously owned by Vancouver-based Jim Pattison Group.
Genpak brings facilities in Aurora, Ontario, and Lakeville, Minn., bringing C-P Flexible up to six locations and more than 750 employees.
C-P Flexible Packaging CEO Mike Hoffman cited a similar company culture, sustainability and an attractive range of packaging options as reasons for the acquisition.
"We've been highly impressed by the talent and resources within Genpak Flexible and we are excited to move forward in creating more value for our customers," he said.
The acquisition expands the range of products and capabilities for C-P Flexible Packaging.
Last month, C-P Flexible debuted a line of sustainable, flexible packaging using post-consumer recycled content, recyclable and compostable materials. The new line has the same look and feel as packaging sourced from virgin PET but is in line with C-P Flexible's commitment to sustainability.
Emilio Pedroni, managing director of First Atlantic Capital, said in the release he hoped to create a "major player" in the flexible packaging industry with diverse manufacturing capabilities and the technology improve speed to market and sustainability.