In a deal that expands its medical packaging business, Spectrum Plastics Group has purchased Niles, Ill.-based PeelMaster Medical Packaging Corp.
Terms of the deal were not disclosed. PeelMaster is a converter of sterile flexible packaging. Founded in 1989, the company makes pouches, header bags and die cut lids from materials including Tyvek spunbound polyethylene.
Alpharetta, Ga.-based Spectrum got its start in 2017 when private equity firm of Kohlberg & Co. LLC acquired Pexco LLC and merged it with its PPC Industries Inc. business. Since then Spectrum has been acquiring companies in custom and specialty plastics end markets including medical, food and defense.
John Wolf, president of Spectrum's films division, highlighted PeelMaster's experience as an authorized Tyvek converter since that company's inception.
"The addition of PeelMaster advances our position as a custom, scalable flexible packaging supplier for the medical device sector," Wolf said in a news release.
PeelMaster President Bill Sieck said the companies "complement one another very well, and we are thrilled to have found such a partner to carry PeelMaster forward in the years to come."
AEA Investors bought Spectrum less than a year after its launch. AEA was founded in 1968 by the Rockefeller, Mellon and Harriman families and manages $15 billion of capital.
Spectrum Plastics Group has a variety of plastics holdings. Plastics News ranks its injection molding business No. 108 in North America with estimated sales of $65 million, and its pipe, profile and tubing extrusion business at No. 94 with estimated sales of $26 million.
Recent acquisitions for Spectrum include Apex Resource Technologies Inc., an injection molder and toolmaker, in 2018, and tubing extruder Adam Spence Corp. later that same year.