Written By Marny Bielefeldt
Published on 16/09/2021
Category Alpha News

NEW YORK — Irving Place Capital (“IPC”), a middle-market private equity firm, announced today that it has entered into a definitive agreement 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, L.P.

“It has been a pleasure to work with the team at IPC, who has supported Alpha and our growth strategy,” stated 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+ 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,” said 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.”

Founded in 1985 and headquartered in St. Louis, Missouri, Alpha is a leading blow molder of bottles and jars for rapidly growing consumer markets, including the nutrition, pharmaceutical, personal care and specialty food and beverage categories. The company is one of only a few specialty-focused bottle suppliers with a national footprint, operating a network of eight facilities located strategically throughout the U.S. and Western Canada, as well as two factories in Europe.

Financial terms of the transaction were not disclosed. William Blair acted as financial advisor and Latham & Watkins served as legal counsel to Alpha on the transaction.

About Alpha Packaging
Alpha Packaging is a manufacturer of HDPE and PET bottles and jars for the nutritional, pharmaceutical, personal care, household chemical, and specialty food markets. It employs over 1,200 people at eight facilities in North America and two plants in Europe. In addition to manufacturing, Alpha Packaging has tool-making capabilities, from unit body cavity molds to complete high-cavity production tooling, and also offers high-speed, automated container decorating services. More information about Alpha Packaging is available at www.alphap.com.

About Irving Place Capital
Since its founding in 1997, Irving Place Capital has invested in over 60 portfolio companies. Irving Place Capital has built one of the leading packaging-focused investment practices in private equity having completed a total of 20 acquisitions in the packaging industry. The firm focuses on making investments where it can apply its substantial operating and strategic resources and expertise to enhance value. More information about Irving Place Capital is available at www.irvingplacecapital.com.