Alpha Packaging (“Alpha”) announced today that it has acquired Progressive Plastics, Inc. (“Progressive”) of Cleveland, Ohio, in its largest acquisition to date. Progressive is a manufacturer and decorator of plastic bottles and containers primarily for the personal care, auto care, housewares and food markets.
Alpha Packaging is a blow molder of high-density polyethylene (HDPE) and polyethylene terepthalate (PET) bottles and jars for the personal care, pharmaceutical, nutritional supplement, and niche food and beverage markets. In addition, Alpha’s Technigraph decorating division provides environmentally-friendly container decorating services to leading personal care brands. Irving Place Capital, a middle-market private equity firm, acquired Alpha in September 2010.
Dave Spence, President and Chief Executive Officer of Alpha, said, “Progressive is a well-run company with attractive product lines in household chemicals and food packaging. This acquisition is an important first step to developing new business in key industries which are critical to Alpha’s growth plan.”
Dan Creston, Alpha’s Executive Vice President, Corporate Development, said, “Alpha’s growth strategy is to acquire successful companies whose product lines and customer contacts open up new opportunities for Alpha’s existing sales force. Progressive’s product lines greatly expand the number of products we can take to the market.” Creston says. “The opportunity for cross-selling stock products into both companies’ existing customers will provide some immediate sales opportunities and also help Alpha move toward our long-term growth objective.”
Progressive’s plant will begin operating as a branch of Alpha effective immediately. Operations in the Cleveland plant will continue to be run by Progressive executives with extensive experience at the company. P&M Corporate Finance of Southfield, Michigan, served as financial advisor to Progressive Plastics, Inc.