Specialized Packaging Group acquires Specialized Packaging Solutions
The deal expands Specialized Packaging Group's capabilities and reach in engineered packaging.
In a deal involving two California-based firms, Specialized Packaging Group (SPG), a vertically-integrated provider of protective packaging products, has acquired Specialized Packaging Solutions (SPS) for an undisclosed amount.
In a news release, SPG officials said the deal expands its reach while adding approximately 100 employees to its 1,100-person workforce. SPG is said to be one of the largest independent protective packaging manufacturers in North America.
SPS and its full workforce will continue to operate in Newark, Calif., while founder and CEO Terry Besso will be retiring.
“The addition of SPS to our engineered packaging division means we will be adding world-class capabilities to an operation that is already an industry leader,” said SPG CEO Bob Lally.
“After building SPS from the ground up, it was important to know that the company would be in good hands after I step away,” said SPS founder and CEO Terry Besso. “SPG will continue our legacy of building strong, one-on-one relationships with customers and providing high-quality service and products. I’m grateful for a smooth and successful transaction that led to the best possible result for SPS and our employees.”
SPG operates under two divisions, IVEX and Engineered Packaging. IVEX manufactures a range of packaging materials at six facilities across the U.S., Canada, and Mexico; and Engineered Packaging, which is comprised of Induspac and Estapack, designs and manufactures customized packaging solutions at eight facilities in the U.S. and Mexico.
SPS began as a family-owned packaging business and now manufactures custom packaging products at a 150,000 square-foot warehouse in Newark.