The Sterling Group, a Houston-based private equity investment firm, has acquired an equity interest in Saxco International.
The acquisition was financed with equity from Sterling Group Partners III and debt financing from BNP Paribas and Oaktree Capital Management.
Saxco, headquartered in Pennsylvania, is a distributor of rigid packaging products for the wine, spirits and craft beer markets in North America. The company distributes glass bottles and other packaging products to a customer base of more than 2,000 wineries, distillers, brewers and specialty food manufacturers.
Saxco was founded in 1936 by members of the Sachs family. Brothers Keith and Herb Sachs will remain in their current management roles of chief executive and president, respectively, and will continue to be significant owners in partnership with Sterling.
"Sterling’s investment in Saxco is the start of an exciting new stage in our company’s 70- plus year history," says Keith Sachs. "We will draw upon Sterling’s expertise as we continue to deliver innovation, quality and superior customer responsiveness in the supply of rigid containers."
"Over the past 74 years, the Sachs family has emerged as the leader in the distribution of packaging for alcoholic beverages," says John Hawkins, a partner of The Sterling Group. "We are excited about the opportunity to work with the Sachs brothers and the rest of the management team to continue to build the business and expand the product offering."
