Irving Place Capital (IPC), a middle-market private equity firm is to sell Alpha Packaging (Alpha), a leading provider of bottles and jars serving the health & wellness markets as well as other attractive, growing markets, to Pretium Packaging, a portfolio company of Clearlake Capital Group, LP.
“It has been a pleasure to work with the team at IPC, who has supported Alpha and our growth strategy,” says Terry Moody, CEO of Alpha. “We are excited to merge with Pretium and leverage our highly complementary product portfolios and process technologies to better serve our customers, while simultaneously continuing to provide a safe, growth-oriented environment for our associates.”
“During my 35-plus year career in the rigid bottle industry, I have always admired Alpha’s differentiated customer service model enabled by its flexible manufacturing model,” said Phil Yates, Chairman of Alpha and Senior Advisor at IPC. “It has been a pleasure working with the Alpha and IPC teams to significantly increase the scale of the business while maintaining the company’s focus on customer service.”
“We were excited about Alpha’s potential when we first identified the company,” says Phil Carpenter, Co-Managing Partner at Irving Place Capital. “Together with the management team, we successfully completed four add-on acquisitions, expanded the company internationally and substantially increased Alpha’s manufacturing capabilities and operating efficiencies. The business is well-positioned for continued growth.”
Financial terms of the transaction have not been disclosed. William Blair acted as financial advisor and Latham & Watkins served as legal counsel to Alpha on the transaction.