Paris — Ipackchem SAS, a Paris-based blow molder that specializes in barrier containers, will soon have a new owner.
New York-based private equity firm SK Capital Partners LP announced Dec. 10 that it has entered into exclusive negotiations to buy Ipackchem from French private investment firm Sagard Holdings ULC.
Ipackchem employs about 800 people and generates annual sales of more than 120 million euros ($145.3 million). It has eight factories, in Saint-Etienne, France; Crewe, England; Peremarton, Hungary; Paulinia, Brazil; Randburg, South Africa; Kirovo-Chepetsk, Russia; and Kunshan and Tianjin, China.
The company acquired the China plants in April, when it purchased JRB Packaging Co. Ltd.
Ipackchem was founded in 1987 and originally known as Airopak, which was a division of Air Products Group. Since then the company has changed hands four times, not including the SK Capital purchase, which is scheduled to close in the first half of 2021.
Ipackchem was sold to Northern Ireland-based Boxmore International plc in 1991, and then to U.S.-based Chesapeake Corp. in 2000. In 2014 it was sold to private equity firm Cerea Partenaire, which bought Chesapeake's specialty chemical packaging division. In 2017, Ipackchem was sold to Sagard.
Jamshid Keynejad, co-founder and managing director at SK Capital, said in a news release: "Given Ipackchem's material science focus, differentiated product offering serving the specialty chemicals and crop protection end markets, and strong sustainability orientation, the company fits very well within the SK portfolio."
Stephen D'Incelli, managing director at SK Capital, added: "Ipackchem's leadership in sustainable barrier packaging products aligns well with SK Capital's strong commitment to sustainability and the company's innovative and environmentally friendly packaging solutions are uniquely positioned to address escalating recyclability challenges."