Specialized Packaging Group bought by investment firm Altamont Capital Partners

Private investment firm Altamont Capital Partners has acquired Specialized Packaging Group Inc. (SPG), said to be one of the largest independent manufacturers of protective packaging in North America, from Paul Gaulin, the company’s founder.

The financial terms of the deal have not been disclosed.

As part of the transaction, Gaulin is retiring as president and CEO of SPG, but will remain a member of the board of directors and a minority investor in the business.

Founded in 1983, Baldwinsville, N.Y.-based SPG manufactures protective packaging products that operates under two divisions, Ivex and Engineered Packaging. Ivex, which has six facilities in Canada, the U.S., and Mexico, manufactures a range of packaging materials, including polyethylene foam and other protective packaging products. Engineered Packaging, which is comprised of Induspac and Estapack, designs and manufactures customized packaging solutions at eight facilities in the U.S. and Mexico using materials that include polyethylene foam, corrugated cardboard, and wood.

“The business is in great hands, and I am very proud and excited to remain a partner and contributor in the years to come,” Gaulin said in a Jan. 6 statement. “Additionally, I would like to extend my personal gratitude and appreciation to all of our employees, clients, suppliers and partners, past and present, who have supported me and the business over the last 40 years.”

In conjunction with the deal, Altamont Capital senior advisor Pete Lane joins SPG as executive chairman, and Bob Lally has joined the company as president of Engineered Packaging. Sean Condon will continue in his role as president of Ivex.