Pretium Packaging buys Tri-Delta Plastics
The company has invested heavily in its in-house technology and production infrastructure and today is a trusted supplier for containers, bottles, and closures, primarily within the spice and seasonings end market, a market category currently not served by Pretium.
In addition to its spice market leadership position, Tri-Delta's track record includes successful expansion of its product portfolio into new end markets, including healthcare and household chemicals.
Thomas J. Dolan, Owner and President of Tri-Delta, said, "Our commitment to proprietary product development, superior customer service and responsiveness, and robust manufacturing processes forged our solid reputation within the packaging industry over the past quarter century.
"We are proud of the strong business we have built and the great team that leads it. Very early in our sale process it became clear to me that Pretium Packaging would be the best home for our company as both organizations share a commitment to serving our customers in every way possible.
"Importantly from my perspective, Pretium completed its due diligence expeditiously and understood how to work with a family-run business in terms of what to ask and how to complete the process."
George A. Abd, President and CEO of Pretium, said, "During its 25 year history, Tri-Delta has differentiated itself through its comprehensive approach to design, engineering, manufacturing, and best-in-class customer service.
"The company's business philosophy, products and work force are highly complementary to Pretium and by entering the spice category and expanding our closures business, Pretium can offer a broader suite of products to our existing customers, as well as strategically position ourselves with new customers.
"This transaction is in-line with our strategy to build Pretium both organically and through selective acquisitions that expand our markets, technologies and geographic reach to allow us to better serve our customers. We are very pleased with the strong pipeline of potential transactions of independent manufacturers from which we continue to identify new strategic growth opportunities."
David Golde, who leads Genstar Capital's packaging investing efforts, commented, "We are excited to be supporting Pretium in its first acquisition under Genstar's ownership. Funding growth initiatives is a key aspect of Genstar's investment philosophy, and we will continue to work closely with Pretium management to aggressively pursue future growth opportunities, both organic and through strategic acquisitions."
Upon completion of the transaction, Mr. Dolan plans to retire following more than two decades of building the company and will continue as an advisor during its transition to Pretium. Tri-Delta's management team and employees will continue with Pretium. P&M Corporate Finance (PMCF) served as financial advisor to Tri-Delta and Mr. Dolan. ■