Palo Alto, Calif., private investment firm Altamont Capital Partners purchased Baldwinsville, N.Y.-based Specialized Packaging Group Inc. from the company's founder, Paul Gaulin, who will retire from his positions as CEO and president.
Gaulin will remain a member of SPG's board of directors and a minority investor in the business, a Jan. 6 news release by Altamont said.
"The business is in great hands, and I am very proud and excited to remain a partner and contributor in the years to come," Gaulin said in the release.
The terms of the acquisition were not disclosed. Altamont did not immediately respond to request for comment by Plastics News.
SPG operates under two divisions: Ivex, which includes six facilities in the U.S., Canada and Mexico; and Engineered Packaging, composed of Induspac and Estapack, with eight facilities in the U.S. and Mexico.
Sean Condon will continue his role as president of Ivex, which makes polyethylene foam and other protective packaging.
"Altamont shares our commitment to delivering high-quality products and superior customer service, while investing in and growing our team and will be a true partner as we execute on our strategic objectives," Condon said in the release. "As we enter this next chapter in the company's growth trajectory, we thank [Gaulin] for his many contributions and will continue to benefit from his expertise through his role on the board."
Bob Lally, former president of packaging and crate manufacturer TransPak, has been named the new president of Engineered Packaging, which designs and manufactures custom packaging solutions from a range of materials, including polyethylene foam, corrugated cardboard and wood.
Pete Lane, Altamont senior adviser, will join SPG as executive chairman, the release said. Mark Burgess, CEO of Mauser Packaging Solutions, will join SPG's board of directors.
"I am pleased to join this talented organization and eager to partner with Pete, Sean and the Altamont team to establish a leading protective packaging platform," Lally said.
"I would like to extend my personal gratitude and appreciation to all of our employees, clients, suppliers and partners, past and present, who have supported me and the business over the last 40 years," Gaulin added.