Packaging developing into an area of strength for IPC
The transaction continues IPC’s focus on the packaging industry, and joins its previous investments in Multi Packaging Solutions, Chesapeake Corporation and Mold-Rite Plastics, all packaging firms.
“Alpha is an excellent platform for growth and is a great complement to our packaging portfolio. The company has a strong position in attractive end-markets, and we look forward to working closely with Alpha’s management team to further expand the business,” said Phil Carpenter, a Senior Managing Director at Irving Place Capital.
Under the agreement, Alpha’s management team will stay in place, meaning CEO, Dave Spence, and COO, Dan Creston, will remain in charge when the transaction is expected to be closed in September this year.
“I am enormously proud of the business we have grown over the last 25 years and excited about the bright future that we have in front of us with Irving Place Capital,” said Spence.
Business as usual
The Missouri-based firm will continue to supply its plastic bottles and containers to the nutraceutical, pharmaceutical and personal care industry.
In addition, the company’s decorating division, Technigraph, is also tipped for growth following the investment.
“We are constantly looking for ways to support our customers’ growth by offering new products and technologies. We are committed to making our network of distributors and direct customers more competitive through additional investments in our existing operations and the completion of add-on acquisitions,” Spence continued.
Growth from new investment
Previous investment from private Investment firm, Stonebridge Partners of White Plains, fueled the growth of Alpha that allowed the company to triple in size.
That growth is expected to continue given IPC’s investment, hopefully securing a positive future for the packaging manufacturer.
“Alpha’s growth strategy will be accelerated when the company is recapitalized. Having IPC as an equity investor will allow us to continue our growth and make even larger acquisitions than those that we have made in the past,” commented Dan Creston, COO.