Gryphon Investors (“Gryphon”), a San Francisco-based middle-market private equity firm, announced today that it has signed a definitive agreement to make a strategic investment in Pacur, LLC (“the Company”), a market-leading supplier of specialty plastic packaging materials for the medical device industry. Terms of the transaction were not disclosed.
Founded in 1979 and based in Oshkosh, Wisconsin, Pacur is the leading supplier of extruded PETG sheet used principally to provide rigid, high-performance packaging for medical devices. The Company also produces sheet for certain specialty graphics, pharmaceutical packaging, and food packaging applications.
Pacur’s management team, led by CEO Barry Johnson, will continue to manage the business and the Johnson family will remain significant owners of the Company.
“Gryphon is very pleased to partner with the Johnson family and Pacur’s management team to extend the Company’s leadership in the materials and medical packaging industry. Gryphon was attracted to Pacur’s first-class brand, reputation for quality and reliability, and track record of strong financial performance and excellent customer service, and we continue to be attracted to the strong growth and recession resistance which characterizes the medical device industry,” said Bob Grady, Gryphon Deal Partner and Head of the Industrial Growth Group. “This investment was the result of a multi-year initiative to seek investments in high-quality advanced materials companies, and we were impressed by Pacur’s deeply established relationships throughout the medical device value chain, its new product pipeline, and its team-oriented culture. We look forward to working with Barry and his team to continue growing the business while providing exceptional service and high-performance products to the Company’s customers.”
Mr. Johnson said, “Gryphon’s history of supporting business-building initiatives and growth, offering sophisticated industry insights, and creating true partnerships with family-owned businesses made it clear that the firm was a great fit for Pacur. We are delighted to be working with Gryphon as we pursue further expansion of our eco-friendly, sustainable plastics products. We plan to continue our high-touch business model – characterized by dependability, integrity, and responsiveness – all of which our customers have come to expect from Pacur.”
Wes Lucas, the Operating Partner to Gryphon’s Industrial Growth Group and Head of Gryphon’s Operations Resources Group, added, “Pacur is a trusted partner of several of the world’s most-respected medical device brands and leading thermoformer customers. The Company has a proven track record of offering best-in-class packaging solutions and of continuous innovation. We believe that the Company is well positioned for long-term global growth in attractive medical and pharmaceutical end markets. At this exciting stage of the Company’s evolution, we see many opportunities for expansion both organically and through acquisition.”
Wells Fargo Securities served as the exclusive financial advisor to Pacur and the Johnson family, and Koley Jessen served as legal counsel. Gryphon was advised by legal counsel Kirkland & Ellis, and financial advisor William Blair.
Founded in 1979 and based in Oshkosh, Wisconsin, Pacur (www.pacur.com) is the leading supplier of extruded PETG sheet used principally to provide rigid, high-performance packaging for medical devices.
About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. The firm has managed over $5.0 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $100 million to $300 million in portfolio companies with enterprise values ranging from approximately $100 million to $500 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.