Warburg Pincus, a global private equity firm focused on growth investing, has agreed to acquire Pregis LLC, a protective packaging materials and automated systems manufacturer, from Olympus Partners, headquartered in Stamford, Connecticut, for an undisclosed amount. Pregis' current management team, led by Kevin Baudhuin, president and chief executive officer, will continue under Warburg Pincus' ownership.
"We are pleased to partner with Warburg Pincus to continue our strong growth that has been attained through customer-focused innovation, market development and investments. Backed by their extensive network of knowledgeable resources and global perspectives, we are confident that Warburg Pincus will further accelerate our future growth," said Kevin Baudhuin, president and chief executive officer, Pregis. "We also want to sincerely thank Olympus for their partnership and support, which have been key to our success over the past five years."
Under Olympus' ownership since May 2014, Pregis has made six acquisitions (Eagle Film Extruders, Easypack Ltd, Sharp Packaging Systems, 3M PolyMask, Rex Performance Products and FP International). The company has grown from 14 to 22 manufacturing facilities across North America and Europe. Pregis currently employs 2,250 team members.
The company has also made significant capital investments during that period including multiple new blown film extrusion lines at its Pregis Films facility. The additional capability enhances vertical integration and addresses increased demand for higher quality flexible packaging, ecommerce protective material and surface protection films. Most recently, Pregis established a European operating unit to provide robust solutions on an even wider geographic platform.
"Pregis has built an attractive market leadership position by providing innovative protective packaging solutions and we look forward to partnering with management to continue the company's success," said Jeffrey Goldfaden, managing director, Warburg Pincus. "Pregis aligns well with our industrials investing strategy to partner with best-in-class companies and management teams with attractive growth tailwinds including e-commerce enablement and automation," continued Dan Zamlong, managing director, Warburg Pincus.
