Pritzker Group Private Capital has purchased Chicago-based LBP Manufacturing to tap the latter’s potential in material science, equipment and converting technology in food and beverage packaging.
LBP Manufacturing is being acquired from private owner Barry Silverstein.
Pritzker Group managing partner JB Pritzker said: "At Pritzker Group we look to work with business owners and industry-leading entrepreneurs like Barry Silverstein who seek liquidity while also looking to preserve their corporate legacy.
"We are honored to carry on LBP's innovative, customer-centric culture and thrilled to partner with Matt Cook and his management team to help continue the company's strong record of growth."
With facilities in the US, Poland, and China, LBP Manufacturing has under its banner patented products, such as, Coffee Clutch hot cup sleeve, Beverage on the Move insulated beverage to-go carrier and Thermo Grip double-wall hot cups.
Post-acquisition, LBP CEO Matt Cook will continue to be a significant shareholder and provide his services to the company, Pritzker said.
Cook said: "We are continually looking for opportunities to create innovative products for our customers, and having a partner with the reach, long-term perspective and financial resources of Pritzker Group gives us a very special platform for growth... We look forward to expanding the business and working together for many years to come."
Pritzker Group is into private capital, venture capital and asset management. The private capital team acquires middle-market companies, reckoned with leading market share in manufactured products, services and health care sectors, across North America.
Last month, the Private Capital arm acquired Illinois-based environmental remediation services firm Entact from Austin Ventures and TGF Management.
Entact, established 25 years ago, provides environmental and geotechnical construction services to the private sector.
