Pregis Corp., Deefrield, Ill., said in a news release the transaction with Olympus Partners, Stamford, Conn., is expected to be completed by the end of May for an undisclosed amount.
Kevin Baudhuin, Pregis president and chief executive officer, will continue with the rest of the Pregis management team to run the North American operations of the company, according to the release. Another private equity company, AEA Investors LLC bought Pregis in 2005 and oversaw the addition of Surface Guard and IntelliPack to the Pregis operation.
“Over the past decade, Pregis has established a strong track record of growing its business through product development, market diversification and acquisition. Olympus Partners will continue supporting that growth by investing significant capital in the business. This will help accelerate our strategic and innovation vision,” Baudhuin said in the release.
Pregis has 14 facilities in its North America division, producing a variety of protective packaging products and value-added system solutions.