Pretium Packaging, the leader in short-to-medium run PET and HDPE blow-molded containers and closures for the Food and Specialty Beverage, Household and Industrial, Health and Beauty market sectors, is excited to welcome the leadership, employees and expertise of Custom Blow Molding ("CBM") - one of the leading packaging and container producers for the Sports Nutrition and Nutraceuticals market sectors.
Based in Escondido, California, CBM has built an outstanding reputation as a premier supplier of plastic containers and closures for most of the leading brands in the sports nutrition market serving customers from their locations in Escondido, Carrollton, Texas and Aurora, Illinois. Pretium will retain the CBM brand, and both Bill McNeal and Joe Abbott will join Pretium's leadership team where they will continue to lead the CBM business into its next phase of growth.
Bill McNeal, said, "Joe and I wanted to join a company where we could continue driving CBM's culture of supporting our customers with innovative designs, rapid product implementation and highly responsive manufacturing sites. Early in the process, we recognized the potential of a merger of CBM and Pretium as being greatly beneficial to both companies and to CBM's customers." Joe Abbott, added, "CBM now has the ability to offer our customers our combined footprint across North America as well as leverage Pretium's extensive PET capabilities to continue providing our customers with highly responsive solutions. The process of joining Pretium has been fantastic. Pretium completed its due diligence quickly and really took the time to understand our business, our people and the future Bill and I had planned. We look forward to writing the next chapter of the CBM story as an integral part of Pretium Packaging."
Paul Kayser, President and CEO of Pretium, said, "The highly-disciplined approach of CBM towards servicing their specific markets, their unwavering dedication towards their customers and our highly complementary manufacturing footprints were driving factors supporting the acquisition. Most importantly, Bill and Joe share our passion for the same winning formula with our respective customers and I am very excited to have them on my team here at Pretium. The fit was natural for both sides as Pretium continues to offer a unique avenue to merge with strong independent blow-molding players across the US and Canada who are looking for a way to join a company with a strong technical base, wide-range of capabilities and a welcoming culture. Partnered with our financial sponsor, Genstar Capital, we look to do more acquisitions in the future."
David Golde, Director at Genstar Capital, commented, "Pretium continues its successful acquisition strategy with CBM being the third during Genstar's ownership. CBM represents an industry-leading blow molder serving fast-growing end markets and led by highly talented executives we are excited to be partnering with. Genstar will continue to work closely with the Pretium management team to aggressively pursue and fund strategic acquisitions while supporting the strong organic growth plans of the company."
Mesirow Financial served as the financial advisor to CBM for this transaction.
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