Pritzker Private Capital has made another plastics investment, this time acquiring a majority stake in materials firm Americhem for an undisclosed price.
In a Feb. 20 interview with Plastics News, Americhem CEO John Richard said the PPC investment “is a big, bold step for a bright future of sustainable growth and success on a global scale.”
He added that PPC “has a similar approach and mindset” to that of Americhem and that the deal also “is recognition of Americhem’s leading experts and talented people.”
Kaitlyn Desai, PPC manufactured products principal, said her firm “had long admired” Americhem and “had built up a nice relationship with the Juve family over time.”
Americhem had made five acquisitions since 2013, but the last of those came in 2020. Richard said the PPC investment “will allow [Americhem] to accelerate inorganic growth in terms of our overall plan.”
“I think we’ll see acquisitions in the future to benefit Americhem,” he said. Desai added that Americhem is “a great fit” for PPC and that her firm will continue to look for acquisitions in the specialty industrial and packaging space.
PPC officials in Chicago said their firm “will invest alongside members of the Juve family and management to provide Americhem with additional financial resources and expertise to accelerate growth, innovation and expansion across its end markets.”
The Juve family have been majority owners of Cuyahoga Falls, Ohio-based Americhem since 1979. The firm is one of North America’s 30 largest compounders and concentrate makers. Americhem’s markets include health care, fiber, transportation and building products.
Americhem was founded in 1941 as the Caldwell Co. in a small office in Akron, Ohio, by Sylvester Caldwell. At that time, its business sold pigments and additives to the rubber industry, much of which was based in Akron and northeast Ohio.
In 1953, the Caldwell Co. hired Dick Juve, who had experience with Goodyear Tire & Rubber, which accounted for about 80 percent of Caldwell’s business. Caldwell Co. opened its first plant in Akron in 1959 and changed its name to Americhem that same year. The firm moved its headquarters to Cuyahoga Falls in 1965.
Juve’s son Rick joined Americhem in 1982 and became the firm’s president and CEO after his father retired in 1993. Mark Juve, Rick’s son, represents the third generation of the Juve family at Americhem. He currently serves as vice president and general manager of commercial for North America.
“We have long admired Americhem for its track record of success and its essential role in the value chain across its end markets,” Desai said. “We were delighted when [Rick Juve] approached us to explore a partnership.”
She added that PPC is very familiar with this sector and sees many opportunities to build on Americhem’s strong foundation.
Juve said PPC “is the ideal partner for Americhem’s next phase of growth and, importantly, the PPC team shares our core values of purpose, collaboration and continuous improvement.”
Americhem employs about 1,000 at 10 plants worldwide. The firm’s current leadership team will continue to guide the company. The transaction is expected to close in the first quarter of 2025.
PPC also owns stakes in three leading plastics firms: plastic sheet leader Plaskolite LLC of Columbus, Ohio; flexible packaging leader ProAmpac of Cincinnati and injection molder Technimark LLC of Asheboro, N.C.
Richard said Americhem “isn’t a major supplier” of materials to those firms.
Financial firm Seidler Equity Partners of Marina del Rey, Calif., had been a minority owner with Americhem. Richard said Seidler will exit that investment with the PPC deal.