Pretium Packaging LLC, which has been vocal about its desire to expand through deal-making, is doing just that.
The Chesterfield, Mo.-based company is acquiring Starplex Scientific Inc. of Toronto, a purchase that "supports Pretium's growth objectives in the medical and consumer healthcare market sectors," the company said in a statement.
Starplex, which had been owned by generic drug maker Apotex Corp., makes sterilized containers, biological sampling swabs and pharmaceutical grade containers and closures in Toronto and Cleveland, Tenn.
Markets include clinics, laboratories and drug manufacturing.
Pretium looks for successful companies that can benefit from being part of a larger organization. Those companies, in turn, help strengthen Pretium, the company has said.
"The acquisition of Starplex Scientific is another example of Pretium merging independent, well-run companies with strong brand presence, a robust product line and complementary geographic locations into our existing family of companies," Pretium CEO Paul Kayser said in a statement.
"Starplex's quality systems and medical device knowledge will be welcome additions to our growing health care market segment," Kayser continued.
Starplex has a total of about 200,000 square feet for manufacturing at the two locations.
Products include specimen containers, transport vials, collectors, swab tips and shafts, O-ring containers, buckets and tissue cassettes, the company said.
Along with health care, pharmaceutical and nutraceutical, the company also serves the environmental, industrial and veterinary markets in North America.
"Starplex has a well-respected brand and market presence in medical consumables and health care packaging, both of which represent key areas of continued investment and growth for Pretium," said Genstar Managing Director David Golde in a statement.
This is the seventh acquisition made by Pretium under the ownership of private equity firm Genstar Capital of San Francisco.
Adding Starplex brings Pretium's number of manufacturing sites to 19, including the company's second in Canada.
During an interview earlier this year, Kayser said his company is approaching $500 million in annual sales. The company has a goal of doubling that total to $1 billion during the next five years.
Pretium was ranked 14th the most recent Plastics News ranking of top North American blow molders. That list came out in November 2018 and will be updated later this year. Pretium has also acquired Olcott Plastics of St. Charles, Ill., since last year's publication.
Pretium, historically, has been a blow molding company, but it is looking to increase its presence in injection molding as well. Olcott provided a meaningful boost in that segment.