• Differentiation: Helping companies prosper in their marketplaces, enhance their products, and achieve optimal performance
• Expertise: Bringing deep industry knowledge and technical experience, adding value to our customers
• Innovation: Unique solutions and specialty formulations fostered by creative, dynamic, and collaborative partnerships
• Presence: Global reach with a deep, diverse portfolio, coupled with a focus on sustainability and safety
• Customer Experience: Through flexibility, integrity, and a can-do attitude, Aurorium brings unparalleled levels of service, reliability, and trust to customers

• Dale Tremblay (Vice Chairman); Chairman & Former Chief Executive Officer, C.H. Guenther & Son
• Ruby Chandy; Former President - Industrial Division, Pall Corp.
• Stephen Newlin; Former Chairman & Chief Executive Officer, Univar Solutions & PolyOne Corp.
• Doug Ray Oberhelman; Former Chairman & Chief Executive Officer, Caterpillar Inc.
• David Steiner; Former President & Chief Executive Officer, Waste Management, Inc.

• Jeff Carlson has been promoted to Principal, Head of Technology. Carlson oversees PPC’s Technology Group, which is dedicated to strengthening the firm’s enterprise-level technology strategy and supporting its expanding family of companies with technology resources for risk management, business value creation and workforce management.

• Silvia Yim has been promoted to Vice President, Human Resources. Yim continues to lead PPC’s human resources team, where she manages the firm’s recruiting and talent development initiatives, drives employee engagement strategies and plays an important role advancing the firm’s DEI commitments.

• Renee Stock joins PPC as Fund Controller. Stock leads internal auditing, financial reporting and accounting operations across PPC and its family of companies. She supports PPC’s ongoing implementation of its expanding ESG program.

COLUMBUS, Ohio – February 7, 2021 – Plaskolite LLC (“Plaskolite”), North America’s largest manufacturer of engineering thermoplastic sheet and profile products, today announced the appointment Charlie Crew, an experienced plastics and specialty materials industry leader, as Senior Advisor.

In this role, Mr. Crew will collaborate with Plaskolite’s management team to identify compelling growth opportunities through strategic acquisitions, as well as strengthening the Company’s value proposition to its customers.

“I am thrilled to advise Plaskolite as the Company continues to strengthen its leading position in the global specialty materials industry,” said Mr. Crew. “Plaskolite is recognized across its markets for the quality of its products, commitment to its customers and highly talented team. I look forward to working closely with Ryan and Plaskolite’s leadership team to explore exciting opportunities for growth and expansion.”

“Charlie’s industry experience and expertise make him a strong partner to support Plaskolite’s continued growth,” said Ryan Schroeder, Plaskolite President and CEO. “With Charlie’s support, we will identify new opportunities to grow our market footprint and enhance the high-quality products and services we provide our customers.”

“Pritzker Private Capital is thrilled to continue our successful partnership with Plaskolite and pleased to welcome Charlie to the PPC and Plaskolite families,” added Terry Sutter, Operating Partner - Manufactured Products at Pritzker Private Capital. “I am confident Ryan, Charlie and the entire Plaskolite team will continue the Company’s expansion into new end-markets while strengthening its customer relationships.”

Mr. Crew has worked in various roles in the chemical and plastics industry for more than 40 years. Prior to joining Plaskolite, Mr. Crew spent nearly 30 years at GE Plastics, holding senior leadership roles in commercial operations, managing global ventures and leading the company’s European operations. At GE Plastics, he oversaw its sale to SABIC and subsequent integration efforts. Previously, Mr. Crew served as President & CEO of SABIC Innovative Plastics and EVP of SABIC Company. He has also held numerous Board of Director roles, including currently with the Handgard Company, A&R Logistics and Unistress, as well as former Board seats with DuBois Chemicals, SABIC Company and the American Chemistry Council.

About Plaskolite, LLC

Founded in 1950 in Columbus, Ohio, by Donald G. Dunn and family, Plaskolite, LLC is the leading North American manufacturer of engineering thermoplastic products. Plaskolite is owned by Pritzker Private Capital along with the Dunn family, management and other co-investors. Plaskolite’s customized products are used in a wide variety of applications, including windows, doors, lighting, signs, point-of-purchase displays, transportation, security and bath products. Plaskolite serves a diverse customer base including distributors, OEMs and retailers. For more information, please visit https://plaskolite.com/.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products and services sectors. The firm's differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.

 

Contact:

Abernathy MacGregor
Dan Scorpio / Kyla MacLennan
(312) 640-3111 / (646) 939-3062
dps@abmac.com / kam@abmac.com 

CHICAGO – February 2, 2022 – Pritzker Private Capital ("PPC"), a leader in family direct investing, today announced that Rebecca Converse has joined the firm as Head of Global Strategic Partnerships. Ms. Converse will spearhead PPC’s efforts to develop and strengthen relationships with the firm’s premier group of long-term focused family and institutional investors, as well as oversee PPC’s events, marketing and communications team.

“Rebecca is a talented investor relations, marketing and communications leader with more than 20 years of private capital experience. We are thrilled she is joining the PPC family,” said Paul Carbone, President and Managing Partner of PPC. “Our ability to foster long-term partnerships with like-minded families and investors is a key pillar of our differentiated approach. I am confident Rebecca will play an important role as we continue to grow our franchise and deploy capital from our committed club of partners.”

“I am excited to join the Pritzker Private Capital team that is rooted in its core values of honesty, integrity and loyalty, focused on the importance of ESG principles and committed to building businesses for the right duration,” said Ms. Converse. “I look forward to working alongside PPC’s investment and operating professionals to advance the firm’s distinctive approach and to build on its success as a pioneer in the family direct investing market.”

Prior to joining Pritzker Private Capital, Ms. Converse founded and served as Managing Principal of Cycle Communications, a consulting group focused on developing investor relations and communications initiatives for private capital firms. She previously oversaw the investor relations, marketing and communications functions at Wind Point Partners, a Chicago-based private equity firm. Ms. Converse received her M.B.A. from the Kellogg School of Management at Northwestern University and her B.A. from the University of Michigan.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products and services sectors. The firm's differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.

Contact:

Abernathy MacGregor
Dan Scorpio / Kyla MacLennan
(312) 640-3111 / (646) 939-3062
dps@abmac.com / kam@abmac.com

INDIANAPOLIS – January 31, 2022 – Vertellus, a manufacturer of specialty materials for various personal care, performance coatings, polymer additives, healthcare and food & beverage markets, today announced it has acquired Polyscope Polymers B.V. (“Polyscope”), a global leader in specialty additives for coatings, electronics applications and engineering polymers. With the addition of Polyscope’s complementary product portfolio and advanced manufacturing capabilities, Vertellus expands its European production capabilities and extends its reach in high-growth end markets.

Polyscope is a global leader in the development and production of styrene maleic anhydride (SMA®) copolymers necessary for product applications across the electronic, automotive and specialty coatings & ink markets. With its innovative technology and engineering capabilities, Polyscope is well-positioned to capitalize on growth in these expanding markets. Polyscope operates a state-of-the-art production facility strategically located in Geleen, The Netherlands, and serves as a key partner to more than 300 customers across over 35 countries.

John Van Hulle, CEO of Vertellus, said, “Polyscope adds a complementary portfolio of high-quality solutions, a track record of innovation and a world-class global platform in attractive end markets to Vertellus. Together we will serve our customers with a unique product offering and our shared value-driven approach. I am pleased to welcome the Polyscope team to Vertellus.”

Patrick Muezers, Polyscope CEO, said, “Vertellus is the ideal partner to support the company’s next phase of growth and innovation. We will be able to leverage Vertellus’ global resources, capabilities and strong market leadership to better serve our customers and bring our high-quality products to additional customers throughout our markets.”

Thomas Chadwick, Principal at Pritzker Private Capital, added, “This highly strategic acquisition strengthens Vertellus’ global platform and positions the combined company for growth. We look forward to continuing to support the Vertellus and Polyscope teams as they serve customers with innovative, high-quality products and services.”

Indianapolis-based Vertellus is owned by Pritzker Private Capital and management.

About Vertellus

Vertellus is a leading global manufacturer of specialty materials and key ingredients for fundamental consumer necessities. With a growing portfolio of solutions, Vertellus is dedicated to becoming the preferred global supplier of specialty ingredients and innovative materials that enhance quality of life, support health and wellness and enable customers to deliver value-added solutions. Vertellus technology can be found in personal care products, pharmaceuticals, medical devices, nutraceuticals, food & beverages, performance coatings, transportation additives and more. Headquartered in Indianapolis and founded in 1857, Vertellus has more than 1,300 employees across 15 international research and manufacturing facilities. Vertellus is a Responsible Care® company. For more information, visit www.vertellus.com.

About Polyscope

Polyscope is a global leader in the research, development, and production of styrene maleic anhydride (SMA®) copolymers, a vital material for product applications in high-growth electronics, automotive, coatings and inks end markets. The company offers a broad range of SMA® and SMANPMI co- and terpolymers and compounds for engineering plastic and specialty chemical applications under the trade names XIRAN® and XILOY™. Polyscope’s global customer base is supported by production and research & development conducted in Geleen, The Netherlands, and with local compounding, contract manufacturing facilities and sales and marketing support in Europe, North America, and Asia. For more information, see www.polyscope.eu

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products and services sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur and family owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit www.ppcpartners.com.

NASHVILLE, Tenn.— January 24, 2022 – PathGroup, one of the largest providers of anatomic pathology, digital pathology, clinical and molecular laboratory services in the United States, announced the acquisition of Pathology Consultants, a leading provider of pathology services based in Greenville, S.C.

The combination of PathGroup and Pathology Consultants brings together two market leaders with deep histories of highly specialized pathology expertise, while adding PathGroup’s broader offering of clinical and molecular services for existing Pathology Consultants clients. Together, PathGroup and Pathology Consultants will provide physicians and patients across the Southeast with superior quality and service levels for their comprehensive testing needs.

“We welcome Pathology Consultants to the PathGroup family of more than 225 pathologists,” said Ben W. Davis, M.D., Chief Executive Officer of PathGroup. “Our companies share a 50-year legacy of proven commitment to our clients and patients, along with a culture of physician leadership. Together with the industry-leading health systems and practices of Pathology Consultants, we will continue providing highly specialized pathology expertise, as well as a broad range of clinical and molecular pathology services.”

“PathGroup and Pathology Consultants are complementary partners with shared values. Together we will provide the highest-quality pathology services to our clients and patients,” said David P. Schammel, M.D., Medical Director of Pathology Consultants. “We look forward to working with PathGroup to continue to exceed the expectations of our health systems and physician clients.”

About PathGroup

Founded in 1965, PathGroup is a premier provider of anatomic, clinical, molecular, and digital pathology services in the United States. Privately held and physician-centric, PathGroup works seamlessly with customers to provide superior diagnostic services – a vital link in the cycle of patient relationships. PathGroup uses the latest in proprietary and industry standard technology to deliver fast, accurate results. The company provides clients with the highest quality of services available, consistently exceeding the expectations of physicians, employees, payers, and most importantly, patients. One Lab; Total Service. PathGroup is owned by Pritzker Private Capital along with management. For more information, visit pathgroup.com.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products and services sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.

Contact:

PathGroup Corporate:
Richard A. Halstead
EVP, Chief Commercial Officer
615-234-3915
rhalstead@pathgroup.com 

DOWNERS GROVE, Ill. – March 29, 2021 – PLZ Aeroscience Corporation (“PLZ”), North America’s largest independent specialty aerosol and liquid product manufacturer, announced today the appointment of Gary Hendrickson as Senior Advisor. Mr. Hendrickson will play a key role supporting President and CEO Aaron Erter in the Company’s strategic growth and development efforts.

Mr. Hendrickson brings a proven track record of leadership, growth and value creation to PLZ. In his new position, he will support PLZ’s management team in strengthening the Company’s value proposition for its customers and enhancing technology capabilities across the enterprise. Mr. Hendrickson will also focus on identifying opportunities for value-add acquisitions across PLZ’s end markets.

“I am thrilled to join PLZ as the Company continues to grow and strengthen its leadership position across the markets it serves,” said Mr. Hendrickson. “PLZ is respected across the industry for its partnership with customers, commitment to operational excellence and focus on safety. I look forward to partnering with Aaron and the Pritzker Private Capital team as PLZ continues its relentless focus on bringing value to our customers.”  

“Gary’s extensive leadership experience makes him the ideal partner to support PLZ’s continued growth and development as a world-class organization,” said Mr. Erter. “I have had the opportunity to work with Gary in the past and am excited about the value I know he will bring to our organization.”

“Over the last five years, we have partnered with PLZ as the Company established itself as the market leader in specialty aerosol manufacturing,” said Terry Sutter, Operating Partner at Pritzker Private Capital. “PLZ has entered new markets and products through a series of add-on acquisitions, increased its footprint with 10 additional facilities and expanded its employee base. We are pleased to continue to support PLZ as the Company delivers results for its customers and pursues attractive growth opportunities.”

Prior to joining PLZ Aeroscience, Mr. Hendrickson was Chairman, President, and Chief Executive Officer of the Valspar Corporation. He previously held several senior-level positions at Valspar, including President and Chief Operating Officer, Asia-Pacific President and Senior Vice President leading the company’s consumer paint division. Prior to joining Valspar, Mr. Hendrickson served for 11 years in the U.S. Navy as Lieutenant Commander. He is currently Chairman of The AZEK Company, and a board director for Polaris Industries and Waters Corporation. Mr. Hendrickson received a B.A. degree from The University of Connecticut and an MBA from Harvard Business School.

PLZ recently expanded its capabilities with the September 2020 acquisition of Mansfield-King, a leading contract manufacturer of specialty personal care products. Headquartered outside Chicago, PLZ is owned by Pritzker Private Capital and management.

About PLZ Aeroscience

PLZ Aeroscience is a leader in specialty aerosol and liquid product technologies. PLZ specializes in the development, manufacturing, packaging and distribution of a comprehensive line of contract fill, branded and private-label products. PLZ has a robust and proprietary portfolio of products in personal care, food service, maintenance, specialty and industrial, cleaning and automotive. For more information, visit PLZAeroscience.com.

About Pritzker Private Capital

Creates Vertically Integrated Platform with Enhanced Scale and Broad Portfolio of Recyclable Packaging Products

CINCINNATI – March 22, 2021 – ProAmpac, a leader in flexible packaging and material science, today announced that it has acquired IG Industries PLC and Brayford Plastics Ltd., private businesses based in the United Kingdom that produce a broad portfolio of recyclable packaging products. Terms of the transaction were not disclosed.

IG Industries and Brayford Plastics are leading suppliers of flexible packaging products for the bakery, meat, fish, poultry and fresh produce markets across the U.K. and Western Europe. This acquisition expands ProAmpac’s manufacturing capabilities for plastic film, resealable bags and premade pouches, and extends its industry-leading commitment to provide customers with a broad offering of recyclable packaging products. With its vertically integrated platform, ProAmpac can better serve its U.K. and European customers throughout the entire value chain.

Greg Tucker, Founder and CEO of ProAmpac, said, “We’re thrilled to welcome the IG Industries and Brayford Plastics teams to the ProAmpac family. These strong businesses broaden our product offering and expand our reach across the U.K. and Europe. With their production of high-quality films, excellent quality standards and research and development innovations, IG and Brayford will help ProAmpac deliver even greater value and a vertically integrated experience to our growing customer base.”

Ahmad Lari, Managing Director of IG, said, “IG is a family business of 32 years and it was extremely important for us to find a partner with very similar values and philosophy, and ProAmpac’s integrity and professionalism provided our family business and management team just that. Our partnership with ProAmpac will enable us to leverage our strong customer, supplier and staff relationships to allow us to compete internationally, and we look forward to working with Greg and his team to meet the needs of our customers while creating growth opportunities for our staff.”

John Lyon, Managing Director of Brayford Plastics, said, “This combination will allow Brayford to further deepen our existing customer relationships and expand our reach. On behalf of the Brayford team, I am confident in the continued growth prospects for our business and excited to join the ProAmpac family.”

Cincinnati-based ProAmpac is owned by Pritzker Private Capital along with management and other co-investors. With the addition of IG Industries and Brayford Plastics, ProAmpac has 38 manufacturing sites globally, with nearly 4,900 employees supplying more than 5,000 customers in 90 countries. ProAmpac innovates, engineers and manufactures flexible and sustainable packaging and material science solutions for various consumer, healthcare, e-commerce, retail and industrial goods markets. IG Industries and Brayford Plastics will adopt the ProAmpac brand and will maintain operations at its manufacturing facilities in the U.K.

Chris Trick, Investment Partner at Pritzker Private Capital, said, “IG Industries and Brayford Plastics are highly complementary additions to the ProAmpac and the Pritzker Private Capital families. These leading businesses strengthen the sustainability-focused offerings ProAmpac provides to its customers and will provide ProAmpac with important scale across the U.K. and Europe. We look forward to a strong partnership together.”

About ProAmpac

ProAmpac is a leading global flexible packaging company with a comprehensive product offering, providing creative packaging solutions, industry-leading customer service and award-winning innovation to a diverse global marketplace. ProAmpac’s approach to sustainability – ProActive Sustainability® – provides innovative sustainable flexible packaging products to help our customers achieve their sustainability goals. We are guided in our work by four core values that are the basis for our success: Integrity, Intensity, Innovation, and Involvement. Cincinnati-based ProAmpac is owned by Pritzker Private Capital along with management and co-investors. For more information, visit ProAmpac.com or contact Media@ProAmpac.com.

About IG Industries

IG Industries is a UK based manufacturer of polyethylene-based films for a variety of markets including food, drinks, industrial, horticultural and personal care, using the latest multi-layered extrusion technology. Their approach enables them to develop custom solutions with minimal environmental impact. For more information, visit IGindustries.co.uk.

About Brayford Plastics

Brayford Plastics is a UK based manufacturer of polyethylene-based films and bags for a range of markets including bakery, fresh produce, fruit and vegetables, meat, poultry and fish, as well as point of sale, mailing and medical applications. For more information, visit brayfordplastics.com.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm's differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.  

“ProAmpac is committed to leading the industry in developing smart packaging technologies,” said Hesam Tabatabaei, vice president of product development and innovation. “Smart packaging is a fast-growing packaging innovation, which can promote both food safety and food shelf life; and, within the food segment, seeks to protect food from harmful bacteria and virus contamination to prolong product freshness.”

With the partnership announced today, ProAmpac is working with Clemson’s Kay Cooksey, professor and Cryovac Endowed Chair of the Food, Nutrition and Packaging Sciences Department within the College of Agriculture, Forestry and Life Sciences. Recognized as an expert in the fields of food safety, shelf life and active packaging, her lab will provide testing capabilities critical to the smart-packaging mission of extending shelf-life and promoting food safety. “I am very excited about this partnership. I have worked in the field of active and Intelligent Packaging for over 25 years and it is a pleasure to work with a company so committed to advancing this field,” said Professor Cooksey.

This University support is being integrated with ProAmpac’s Product Development and Innovation teams. ProAmpac is expanding research, adding personnel, purchasing equipment, and building a new Collaboration & Innovation Center that will serve as the company’s international hub for packaging design and development.

Clemson’s food science and packaging expertise complements polymer-science and application development engineering capabilities provided by the Polytechnique Montréal. Last year ProAmpac announced a five-year extension of its R&D alliance partnership with Polytechnique Montréal for its Sustainable, Safe and Smart Polymer Flexible Packaging program operated by the university’s Department of Chemical Engineering, chaired by Prof. Abdellah Ajji.

To learn more about ProAmpac’s smart packaging capabilities, contact Samuel J. Kessler, innovation engineer for active and intelligent packaging. Samuel.Kessler@ProAmpac.com.

About ProAmpac

ProAmpac is a leading global flexible packaging company with a comprehensive product offering, providing creative packaging solutions, industry-leading customer service and award-winning innovation to a diverse global marketplace. ProAmpac’s approach to sustainability – ProActive Sustainability® – provides innovative sustainable flexible packaging products to help our customers achieve their sustainability goals. We are guided in our work by four core values that are the basis for our success: Integrity, Intensity, Innovation, and Involvement. Cincinnati-based ProAmpac is owned by Pritzker Private Capital along with management and co-investors. For more information, visit ProAmpac.com or contact Media@ProAmpac.com.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm's differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.

Partnership with Indiana University’s Kelley School of Business Provides Business Education Opportunities for Emerging Leaders Across PPC’s Family of Companies

CHICAGO – February 16, 2021 – Pritzker Private Capital (“PPC”), a leader in family direct investing, today announced the launch of PPC University, a series of customized, graduate-level business education courses developed and presented in partnership with the Kelley School of Business at Indiana University.  

PPC University courses will support the professional development of emerging leaders across the PPC family of companies. The program is guided by PPC’s longstanding commitment to partner with its companies, invest in its people and culture, and build successful businesses for the long term. PPC University is scheduled to begin instruction in March 2021.

“PPC University embodies our commitment to support the growth of our companies and invest in our talented team,” said David Gau, Partner and Head of Operations at Pritzker Private Capital. “As a family-owned business, we understand the importance of providing high-quality educational and professional development opportunities as we build a culture that upholds our core values of honesty, integrity and loyalty. We are pleased to launch PPC University alongside the exceptional educators at the Kelley School of Business.”

“We're honored to work with Pritzker Private Capital in developing this important initiative,” said Idalene Kesner, Dean of the Kelley School and the Frank P. Popoff Chair of Strategic Management. “The business world is always evolving, and we've been an experienced leader in helping businesses and professionals grow along with it for more than 40 years. It's always exciting to see where the extra momentum takes people, and we're looking forward to working with the future leaders in the PPC family.”

PPC University will offer tailored courses designed and taught by Kelley School faculty. Courses will focus on five specialty areas: modern marketing, finance, operations, data analytics, and leadership and people management. Each course will feature eight virtual lectures over the course of a month, taught by Kelley School professors with select PPC leadership participating as guest lecturers. At the conclusion of the program, participants will receive a certificate for their participation.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm's differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com. 

Continues Successful Multi-Year Partnership to Support the Next Phase of ProAmpac’s Growth

CINCINNATI – January 19, 2021 – ProAmpac, a leader in flexible packaging and material science, today announced the completion of a new investment from Pritzker Private Capital (“PPC”), a leader in family direct investing, strengthening their successful multi-year partnership. PPC acquired ProAmpac alongside management in 2016. GIC, Singapore’s sovereign wealth fund, as well as existing and new co-investors invested alongside PPC and ProAmpac management to support ProAmpac’s next phase of growth. Terms were not disclosed.

Following its recent acquisitions of Rosenbloom Groupe and Rapid Action Packaging, Cincinnati-based ProAmpac now has 37 sites globally, with nearly 4,800 employees supplying more than 5,000 customers in 90 countries. ProAmpac innovates, engineers and manufactures flexible and sustainable packaging and material science solutions for various consumer, healthcare, e-commerce, retail and industrial goods markets. ProAmpac’s management team, led by Founder and CEO Greg Tucker, will continue to lead the business.

“Both ProAmpac and PPC are employee-centric organizations and we remain aligned in our values-based culture and leadership strategy. We are pleased to strengthen and continue our successful partnership with PPC,” said Mr. Tucker. “This investment will help ProAmpac continue our growth, including future acquisitions and expansion into new geographies. With the continued support of our strategic partners, we will enhance our best-in-class product offering and commitment to serve our customers with sustainable solutions for their custom packaging needs.”

Tony Pritzker, Chairman and CEO at Pritzker Private Capital, said, “ProAmpac continues to be a market leader in manufacturing high-quality sustainable, flexible packaging for its customers around the world. We are thrilled to continue our partnership with Greg and the ProAmpac team. We look forward to working together with new partner GIC to identify and pursue future strategic growth opportunities for this great company.”

Arjun Khullar, Head of Integrated Strategies Group at GIC, said, “ProAmpac is among the largest players in flexible packaging, a growth area within the broader packaging market. The company has a proven track record in meeting its diversified customers’ needs for more tailored packaging, as well as a clear commitment to sustainability. We are pleased to join Pritzker Private Capital, co-investors and ProAmpac’s management team to support the company through its next phase of its growth.”

Goldman Sachs & Co. LLC advised ProAmpac on the transaction.

About ProAmpac

ProAmpac is a leading global flexible packaging company with a comprehensive product offering, providing creative packaging solutions, industry-leading customer service and award-winning innovation to a diverse global marketplace. ProAmpac’s approach to sustainability – ProActive Sustainability® – provides innovative sustainable flexible packaging products to help our customers achieve their sustainability goals. We are guided in our work by four core values that are the basis for our success: Integrity, Intensity, Innovation, and Involvement. Cincinnati-based ProAmpac is owned by Pritzker Private Capital along with management and co-investors. For more information, visit ProAmpac.com or contact Media@ProAmpac.com.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm's differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.  

About GIC
GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. As a disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. GIC invests through funds and directly in companies, partnering with its fund managers and management teams to help world-class businesses achieve their objectives. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,700 people across 10 offices in key financial cities worldwide. For more information about GIC, please visit gic.com.sg.

CINCINNATI, January 14, 2021– Answering the unmet need for recycle ready retort packaging, flexible packaging leader, ProAmpac, announced its patent-pending breakthrough innovation ProActive Recycle Ready Retort RT-3000. Suited for pet and human food, RT-3000 pouches are available in both stand-up and three-side seal configurations and are EU and FDA compliant for food contact in retort applications.

As a recycle ready mono-material, RT-3000 is focused on difficult-to-recycle multi-material applications like retort. As with other ProAmpac sustainable solutions, RT-3000 is designed to run at similar filling and processing speeds as current multi-material structures that aren’t recyclable.

“RT-3000 is the newest member of the ProActive Sustainability® product family, a comprehensive set of packaging solutions that are helping our customers meet their greener packaging goals,” said Adam Grose, chief commercial officer. “A revolutionary innovation, this recycle ready solution was built on ProAmpac’s material science expertise and significant experience in retort pouch design. Engineered to run on existing high-speed filling lines, RT-3000 maintains filling machine efficiency.”

Available in clear or opaque options, RT-3000 offers excellent stiffness for stand-up shelf appearance and very high puncture and flex-crack resistance for safe product handling and distribution.

“The multi-year development included successful validation on commercial high-speed filling lines and qualification in commercial retort chambers. RT-3000 delivers exceptional thermal stability, excellent stain and grease resistance, easy­­-open tear performance, and a superior oxygen and moisture barrier. Able to withstand aggressive retort conditions of 130^oC without sacrificing barrier properties, RT-3000 has been successfully tested in advance of our commercialization,” states, Hesam Tabatabaei, vice president of product development and innovation for ProAmpac.

With its mono-material design, RT-3000 has a high recovery potential during advanced recycling. RT-3000 is well-positioned for the future of recycling and is designed to support a circular economy.

“Designed for maximum recovery in advanced recycling streams, RT-3000 supports emerging sustainability legislation in Europe as well as commitments made by retailers and manufacturers for more mono-material packaging. We are confident RT-3000 is well positioned to advance the sustainability goals of our customers,” states Tabatabaei.

To learn more about ProAmpac’s Recycle Ready Retort RT-3000 contact Nathan Klettlinger, market manager, at Nathan.Klettlinger@ProAmpac.com. 

About ProAmpac
ProAmpac is a leading global flexible packaging company with a comprehensive product offering, providing creative packaging solutions, industry-leading customer service and award-winning innovation to a diverse global marketplace. ProAmpac’s approach to sustainability – ProActive Sustainability® – provides innovative sustainable flexible packaging products to help our customers achieve their sustainability goals. We are guided in our work by four core values that are the basis for our success: Integrity, Intensity, Innovation, and Involvement. Cincinnati-based ProAmpac is owned by Pritzker Private Capital along with management and co-investors. For more information, visit ProAmpac.com or contact Media@ProAmpac.com.

About Pritzker Private Capital
Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm's differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.

EDP’s recent acquisition of Campora is the company’s first acquisition since Pritzker Private Capital, Concentric Equity Partners and Duchossois Capital Management recapitalized the company alongside management in September 2020. Supported by its newly formed partnership with three Chicago-based family investors, EDP is actively seeking to expand its national footprint and diversify through the addition of new retail propane and midstream operations.

Energy Distribution Partners (“EDP”) has announced the acquisition of Campora Propane based in Stockton, California. The company’s 10 retail locations provide propane to customers across central and northern California in addition to Nevada. Campora Propane serves nearly 35,000 customers.

A respected 75-year-old propane supplier to residential, commercial and agricultural customers, Campora Propane was founded in 1946 by Dominick Campora and most recently owned by Tom Campora. The company has built a reputation for providing exceptional customer service. Since 2011, the business has been led by Jim Harbert, who has served as president.

Mr. Harbert commented, “I’ve known the Energy Distribution Partners’ team for several years and knew it would be the right company to continue Campora Propane’s 75-year legacy and carry on our brand. I am confident we made the right choice and know that EDP will take good care of both our customers and our employees, all of whom will join EDP. I look forward to continuing to lead Campora Propane with support from EDP.”

Tom Knauff, Energy Distribution Partner’s CEO commented, “Campora Propane is an exceptional company and the largest propane marketer to join EDP since our inception in 2012. We couldn’t be more pleased. We welcome Jim and all of the Campora Propane employees to EDP and look forward to continuing to provide safe, reliable service to Campora’s customers for many years to come.”

About Energy Distribution Partners

Chicago, Illinois-based Energy Distribution Partners is a rapidly-growing company in America's fast-changing energy landscape – with deep experience in retail and commercial propane sales, operations and finance. The company provides safe, reliable propane service to residential and commercial customers in California, Washington, Nevada, Minnesota, Wisconsin, Michigan, Ohio, West Virginia, South Carolina, Pennsylvania and New York. Energy Distribution Partners pursues a long-term strategy of purchasing successful operations in propane and other fuels and in the midstream energy sector, retaining the brand name, preserving local management and delegating to leaders in local communities.

This is EDP’s 27^TH transaction. The company is actively seeking partners for growth. For more information, please visit www.edplp.net.

About Pritzker Private Capital

Enhances extensive portfolio of brands and strengthens position as a leading supplier of automotive aftermarket consumable products

MEMPHIS - January 12, 2021 - Highline-Warren, a leader in the manufacture and distribution of automotive aftermarket consumable products, announced today that it has acquired BlueDevil Products, a portfolio company of The Starco Group. BlueDevil Products is a leading provider of premium performance automotive and motorsport consumable products, including stop leak solutions, fluid additives, and repair and maintenance products. The BlueDevil, Red Angel, and PJ1 brands will join Highline-Warren’s extensive portfolio of owned and licensed brands.

“We are excited to add BlueDevil Products’ premium brands to Highline-Warren’s portfolio as we continue to advance our mission to provide our customers with the very best brands, products and customer service,” said Darcy Curran, CEO of Highline-Warren. “We look forward to making these products available more widely to new and existing customers as we leverage our unique liquids manufacturing and distribution capabilities to grow our national platform. I welcome BlueDevil Products’ employees and customers to the Highline-Warren family.”

Memphis-based Highline-Warren joined Pritzker Private Capital’s family of companies in November 2020.

ABOUT HIGHLINE-WARREN: Headquartered in Memphis, TN, Highline-Warren is a leading national manufacturer and distributor of consumable and maintenance products with 27 facilities and over 1,200 employees. The company carries over 24,000 products including exclusives such as Mag 1® oil and lubricants, Rain-X® windshield washer fluid, and Prime Guard® products. Highline-Warren was formed through the strategic combination of Highline Aftermarket and Warren Distribution and is part of Pritzker Private Capital’s family of companies. For more information, visit www.highlineaftermarket.com.

Expands into Flexible Packaging for Ready-to-Eat and Fresh Prepared Foods Sold at Retail

CINCINNATI – January 11, 2021 – ProAmpac, a leader in flexible packaging, today announced that it has acquired Rapid Action Packaging (RAP), a private, U.K.- based manufacturer of cellulose-based packaging products for fresh prepared and ready-to-eat foods. Terms of the transaction were not disclosed.

RAP is a leading designer and manufacturer of sustainable packaging for fresh prepared foods sold at retail, including sandwiches, wraps, chicken tenders and salads. With this acquisition, ProAmpac expands its manufacturing capabilities to produce primary packaging for ready-to-eat and fresh prepared foods, broadening its sustainable product offering for retail food markets.

Ludgate, a leading European, sustainability focused investment company, is pleased to announce the successful exit from one of its portfolio companies: Rapid Action Packaging (RAP) to ProAmpac.

Greg Tucker, CEO of ProAmpac, said, “RAP is an excellent addition to the ProAmpac family. We are excited to add RAP’s focus on research and development for fresh prepared food packaging to our portfolio. Together with RAP, we are extending our product reach in food service to now include a ready-to-eat portfolio, and we will continue to bring innovative ideas and products to a growing customer base.”

Graham Williams, CEO of RAP, said, “Our two companies are highly complementary, with a collaborative working relationship and a common strength in our research and innovation practices. Together with ProAmpac, we will create stronger solutions for our customers. Our teams are a great cultural fit and we are excited to help ProAmpac serve even more customers in the retail market. I would like to thank Ludgate for their financial support and strategic guidance positioning RAP for an exciting future with ProAmpac.”

Gijs Voskamp, CEO of Ludgate Investments, said, “It has been a real pleasure to have worked closely with Graham and his high-quality management team. We are delighted to have been an integral part in the development of RAP as the leading manufacturer of sustainable food packaging solutions. This investment substantially reduces the plastics footprint in the food packaging market and this transaction reiterates the attractiveness of the sustainability proposition.”

Cincinnati-based ProAmpac is owned by Pritzker Private Capital along with management and other co-investors. With the addition of RAP, ProAmpac has 37 sites globally, with nearly 4,800 employees supplying more than 5,000 customers in 90 countries. ProAmpac manufactures flexible packaging for various consumer, healthcare, e-commerce, retail and industrial goods markets. RAP will join the ProAmpac brand and will maintain operations at its manufacturing facilities in Ireland and London.

Chris Trick, Investment Partner at Pritzker Private Capital, said, “This acquisition extends ProAmpac’s capabilities into the fresh prepared and ready-to-eat retail market, an important strategic growth opportunity for the company. We welcome the RAP team to ProAmpac, and we are pleased to continue our partnership with Greg and the entire ProAmpac team.”

About ProAmpac

ProAmpac is a leading global flexible packaging company with a comprehensive product offering, providing creative packaging solutions, industry-leading customer service and award-winning innovation to a diverse global marketplace. ProAmpac’s approach to sustainability – ProActive Sustainability® – provides innovative sustainable flexible packaging products to help our customers achieve their sustainability goals. We are guided in our work by four core values that are the basis for our success: Integrity, Intensity, Innovation, and Involvement. Cincinnati-based ProAmpac is owned by Pritzker Private Capital along with management and co-investors. For more information, visit ProAmpac.com or contact Media@ProAmpac.com.

About RAP

RAP is a market leader in food-to-go packaging. The company combines technical, creative and commercial expertise to design and manufacture revolutionary food packaging that delights and influences consumers. With a strong emphasis on research and development, new product features add value for both brands and consumers in fresh food packaging. For more information, visit rapuk.com.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm's differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.  

About Ludgate Investments

Ludgate Investments is a London based sustainability focused investment company, with a successful track record investing in growth companies for over a decade. The company focusses on well-established companies in the areas of E-Mobility, Energy Efficiency, Resource Efficiency and the Built Environment. More information can be found at ludgate.com or contact info@ludgate.com.

CHICAGO – January 5, 2021 – Pritzker Private Capital (“PPC”), a leader in family direct investing, announced today that it has acquired the Vertellus group of companies (“Vertellus” or “Company”), a specialty chemicals manufacturer. PPC is investing alongside John Van Hulle, President and CEO of Vertellus, as well as other members of the Vertellus management team. Mr. Van Hulle and existing management will continue to lead the business.

Headquartered in Indianapolis, Ind., Vertellus is a leading provider of specialty chemicals for the healthcare, personal care, food & agriculture, coatings and transportation markets. Founded in 1857, Vertellus manufactures more than 700 products that are used in medical devices, vitamins, health & beauty, crop protection, fuel & lube, and other products. The Company serves customers across the globe from 10 manufacturing facilities located in the United States, United Kingdom, India and China.

“Vertellus is a leading specialty chemicals manufacturer with strong growth prospects and a compelling market opportunity,” said Thomas Chadwick, Principal at Pritzker Private Capital. “We are pleased to partner with John and the talented Vertellus team to continue providing best-in-class products and support to its customers. The Company plays an important role in the development and production of in-demand consumer and industrial products, and we look forward to supporting Vertellus on its continued expansion and innovation excellence.”

“Over our 150+ year history, Vertellus has built a culture committed to delivering industry-leading, high-quality products and services to our customers across the end markets we serve,” said Mr. Van Hulle. “Our partnership with Pritzker Private Capital will help us build upon Vertellus’ leading standard of quality, service and safety as we advance our growth strategy. PPC is the ideal partner for our exciting next chapter.”

Michael Nelson, Head of Investing at PPC, added, “Vertellus and PPC share a philosophy of building great companies for the long-term with a strong commitment to customers, employees and our communities. We are thrilled to partner with John and the Vertellus team to continue growing this market-leading business.”

About Vertellus

Headquartered in Indianapolis, The Vertellus group of companies was originally founded in 1857 as a manufacturer of niche specialty products. Today, Vertellus is one of the largest providers of unique specialty chemicals used in diverse applications, processes and market sectors, including agriculture, life sciences, industrial specialties, nutrition, personal care and plastics. With 900+ employees, Vertellus serves customers across the globe from its 10 international manufacturing facilities. Vertellus is a Responsible Care® company.

Additional information about Vertellus is available at www.vertellus.com.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur and family owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI).

For more information, visit www.ppcpartners.com.

Enhances Manufacturing Capabilities and Broadens Packaging Product Offerings for Grocery, Retail and Quick Service Restaurant Customers

CINCINNATI – December 1, 2020 – ProAmpac, a leader in flexible packaging, today announced that it has acquired Rosenbloom Groupe Inc., Hymopack Ltd. and Dyne-A-Pak, private businesses based in Canada that manufacture packaging products. Terms of the transaction were not disclosed.

Rosenbloom Groupe, Hymopack Ltd. and Dyne-A-Pak are leading suppliers to North American retailers, grocery chains and quick service restaurants (QSR), as well as wholesale distribution companies, specializing in the manufacturing of paper bags, plastic bags and can liners, and foam packaging trays. With this acquisition, ProAmpac expands its manufacturing capabilities and broadens the product offering it provides to retail, grocery and QSR customers.

Greg Tucker, CEO of ProAmpac, said, “All of us at ProAmpac have deep respect for the legacy and long history of excellence of the Rosenbloom Group of companies. We are pleased to add this strong business to our platforms, which enhances our presence in Canada and allows us to broaden our product offering in the United States. With the Rosenbloom, Dyne-A-Pak and Hymopack brands as part of the ProAmpac family, we will deliver even greater value and services to our customers.”

Richard Rosenbloom of Rosenbloom Groupe said, “As a third generation family business, it was important for us to partner with an organization that understands our values and respects our culture. The ProAmpac team has demonstrated an appreciation for our history and I look forward to working collaboratively with Greg as we seamlessly bring our organizations together. Our capabilities are highly complementary with ProAmpac’s operations, and I am confident this combination will deliver compelling value to our customers and exciting opportunities for our team.”

Gerry Maldoff, President of Hymopack, added, “With the expanded resources, scale and combination with ProAmpac, our business will be well-positioned for growth. I am excited to work with ProAmpac to enhance our plastic packaging and manufacturing capabilities and provide a broader product offering to a growing base of grocery, retail, distribution and QSR customers.”

Cincinnati-based ProAmpac is owned by Pritzker Private Capital along with management and other co-investors. With the addition of the Rosenbloom Groupe, ProAmpac has 35 sites globally, with nearly 4,600 employees supplying more than 5,000 customers in 90 countries. ProAmpac manufactures flexible packaging for various consumer, healthcare, e-commerce, retail and industrial goods markets. Rosenbloom Groupe’s brands will continue in Canada and will maintain operations at its manufacturing facilities.

Chris Trick, Investment Partner at Pritzker Private Capital, said, “We are excited to welcome Rosenbloom Groupe to the ProAmpac and Pritzker Private Capital families. We look forward to our continued partnership with Greg and the entire ProAmpac team as the company continues to deliver the best possible products and services to its customers.”

 About ProAmpac

ProAmpac is a leading global flexible packaging company with a comprehensive product offering, providing creative packaging solutions, industry-leading customer service and award-winning innovation to a diverse global marketplace. ProAmpac’s approach to sustainability – ProActive Sustainability® – provides innovative sustainable flexible packaging products to help our customers achieve their sustainability goals. We are guided in our work by four core values that are the basis for our success: Integrity, Intensity, Innovation, and Involvement. Cincinnati-based ProAmpac is owned by Pritzker Private Capital along with management and co-investors. For more information, visit ProAmpac.com.

About The Rosenbloom Group of Companies

Rosenbloom Groupe is a third generation, privately owned family business that has been proudly producing paper bags since 1939. Rosenbloom Groupe Inc., Dyne-A-Pak and Hymopack, specialize in the manufacturing of paper bags, plastic bags, can liners and foam packaging trays. The company is a leading supplier to a substantial portion of North American supermarket chains, retailers, quick service restaurants and wholesale distribution companies. For more information, visit Rosenbloomgroupe.com, Hymopack.com, and Dyneapak.com.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm's differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.

Experienced Industry Leader to Lead Company’s Growth Strategy, Enhance Customer-Focused Capabilities and Expand into New End Markets

DOWNERS GROVE, IL – November 19, 2020 – PLZ Aeroscience Corporation (“PLZ”), the North American leader in specialty aerosol and liquid product manufacturing, today announced the appointment of Aaron M. Erter as president and chief executive officer, effective immediately. Mr. Erter brings to PLZ proven leadership experience and a successful track record of growing manufacturing businesses. He succeeds Ed Byczynski, who served as the company’s president and chief executive officer since 2009.

“I am honored to join PLZ as the Company strengthens its position as the leading specialty aerosol and liquid manufacturer in North America,” said Aaron M. Erter, President and CEO of PLZ. “PLZ continues to differentiate itself in the marketplace through value-added customer partnerships, outstanding operational and technical excellence, and unmatched end-to-end customer service. I look forward to leading PLZ’s talented team as we continue to grow our Company and deliver for our customers.”

“PLZ is focused on accelerating its growth strategy by pursuing add-on acquisitions, strengthening its capabilities and expanding into new end markets,” said John Ferring, Chairman of PLZ. “I am confident Aaron is the right leader to guide PLZ into its next chapter, and I am delighted to welcome him to the PLZ family.”

“At PPC, we are business builders,” said David Gau, Partner and Head of Operations at Pritzker Private Capital. “Over the last five years we have partnered with John and the PLZ team to significantly grow the business and enhance its leading market position. Our flexible capital will continue to support PLZ as the Company pursues the attractive growth opportunities we see in the market.”

Mr. Erter joins PLZ from the Sherwin Williams Company, where he most recently served as President of its Performance Coatings Group.  Previously, he held various senior roles at The Valspar Corporation, which was acquired by Sherwin Williams in 2017, and Stanley Black & Decker, where he was instrumental in expanding and strengthening the company’s distribution channels. Mr. Erter received a B.S. in economics from the University of Pennsylvania’s Wharton School and an MBA from The University of Notre Dame.

PLZ recently expanded its capabilities and footprint with the September 2020 acquisition of Mansfield-King, a leading contract manufacturer of specialty personal care products, and its 2019 acquisition of Liquid Technologies, a leading contract formulator and manufacturer of high-end professional hair and skin care products. Headquartered outside Chicago, PLZ is owned by Pritzker Private Capital and management.

About PLZ Aeroscience

PLZ Aeroscience is the North American leader in specialty aerosol and liquid product manufacturing. The PLZ family of companies specializes in the development, manufacturing, packaging and distribution of a comprehensive line of contract fill, branded and private-label products. PLZ formulates, blends, fills and packages more than 2,500 branded and private-label products including personal care products, cleaners and polishes, industrial solvents, lubricants and degreasers, adhesives, sanitary supply disinfectants, insecticides and air fresheners for home and industrial use. For more information, visit PLZAeroscience.com.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur and family owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). Additional information about Pritzker Private Capital is available at PPCPartners.com.

Combination creates a leading automotive aftermarket supplier

CHICAGO – November 10, 2020 – Pritzker Private Capital (“PPC”), a leader in family direct investing, today announced the completion of its acquisitions of Highline Aftermarket Holdings, LLC (“Highline”), a leading national distributor of automotive aftermarket products, and Warren Distribution, Inc. (“Warren”), a leading manufacturer of private label lubricants and automotive chemicals.

PPC and co-investors are investing alongside members of the Highline and Warren management teams. Darcy Curran, Highline’s current CEO, leads the combined business.

The combination creates a leader in the manufacture and distribution of automotive aftermarket consumable products. The company will have 27 facilities across North America and more than 22,000 SKUs, including windshield washer fluid, engine lubricants and a wide variety of consumable automotive aftermarket products.

J.P. Morgan Securities LLC acted as financial advisor to PPC, and served as lead arranger for the debt financing in respect to the transaction.

About Highline Aftermarket

Headquartered in Memphis, Tennessee, Highline Aftermarket is a leading national distributor of automotive products, with 15 distribution centers and eight state-of-the-art manufacturing facilities serving multiple channels across the aftermarket industry. With more than 500 employees, Highline serves as an important link between manufacturers and customers, offering a robust portfolio of national brands, original-equipment replacement products, private-label goods, and in-house chemical blending and packaging.

Additional information about Highline Aftermarket is available at www.highlineaftermarket.com.

About Warren Distribution

Headquartered in Omaha, Nebraska, Warren Distribution is a family-owned business that was founded nearly 100 years ago in 1922 by the grandfather of Bob Schlott, the current Chairman and CEO. Now, Warren Distribution is one of the largest private label blenders and one of the largest independent motor oil, lubricants and automotive chemicals manufacturers and suppliers in North America. Warren Distribution is a private label supplier for some of the largest retailers, marketers and lubricants distributors in North America and has customers in more than 30 countries. It has the capacity to produce millions of gallons of bulk and packaged lubricants from more than 1,100,000 square feet of manufacturing and distribution facilities in Iowa, West Virginia, Alabama and Texas.

Additional information about Warren Distribution is available at www.warrendistribution.com.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur and family owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI).

Additional information about Pritzker Private Capital is available at www.ppcpartners.com.

CHICAGO – October 8, 2020 – Pritzker Private Capital (“PPC”), a leader in family direct investing, announced today that it has signed definitive agreements to acquire Highline Aftermarket Holdings, LLC (“Highline”), a leading national distributor of automotive aftermarket products that is majority owned by The Sterling Group, and Warren Distribution, Inc. (“Warren”), a leading manufacturer of private label lubricants and automotive chemicals that is majority owned by Chairman and CEO Bob Schlott. PPC and co-investors are investing alongside members of the Highline and Warren management teams. The companies will be combined upon closing of the transaction, which is expected by December 2020.

The combined company will be a leader in the manufacture and distribution of automotive aftermarket consumable products. The company will have 27 facilities across North America and more than 22,000 SKUs, including windshield washer fluid, engine lubricants and a wide variety of consumable automotive aftermarket products. Darcy Curran, Highline’s current CEO, will lead the combined business and Bob Schlott, Warren’s Chairman and CEO, whose family founded Warren in 1922, will remain as a board advisor.

“We are excited to partner with Bob Schlott and the team at Warren Distribution as we continue to grow our great businesses,” said Darcy Curran, Highline CEO. “Highline and Warren have a shared passion for delivering world-class customer service, and together we’ll strive to be the best company to work for, buy from and sell to in the automotive aftermarket.”

“For nearly 100 years, Warren has been a leader in private label lubricants, and I believe the combination with Highline represents an exciting new chapter in Warren’s long history,” said Bob Schlott, Warren Chairman and CEO. “Highline, Warren and PPC all share a philosophy of building great companies for the long-term with a strong commitment to customers, employees and our communities.”

Michael Nelson, Head of Investing at PPC, added, “We are thrilled to partner with Darcy, Bob and the Highline and Warren teams in building this exciting combination for long-term success. As a leading supplier for the automotive aftermarket, the combined company will have tremendous opportunities for growth, both through organic initiatives and accretive acquisitions.”

About Highline Aftermarket

Headquartered in Memphis, Tennessee, Highline Aftermarket is a leading national distributor of automotive products, with 15 distribution centers and eight state-of-the-art manufacturing facilities serving multiple channels across the aftermarket industry. With more than 500 employees, Highline serves as an important link between manufacturers and customers, offering a robust portfolio of national brands, original-equipment replacement products, private-label goods, and in-house chemical blending and packaging.

Additional information about Highline Aftermarket is available at www.highlineaftermarket.com.

About Warren Distribution

Headquartered in Omaha, Nebraska, Warren Distribution is a family-owned business that was founded nearly 100 years ago in 1922 by the grandfather of Bob Schlott, the current Chairman and CEO. Now, Warren Distribution is one of the largest private label blenders and one of the largest independent motor oil, lubricants and automotive chemicals manufacturers and suppliers in North America. Warren Distribution is a private label supplier for some of the largest retailers, marketers and lubricants distributors in North America and has customers in more than 30 countries. It has the capacity to produce millions of gallons of bulk and packaged lubricants from more than 1,100,000 square feet of manufacturing and distribution facilities in Iowa, West Virginia, Alabama and Texas.

Additional information about Warren Distribution is available at www.warrendistribution.com.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur and family owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI).

Additional information about Pritzker Private Capital is available at www.ppcpartners.com.

CHICAGO – October 6, 2020 – Pritzker Private Capital ("PPC”), a leader in family direct investing, today announced the completion of a successful recapitalization of Energy Distribution Partners (“EDP”), one of the leading distributors of propane and light fuels in North America. Pritzker Private Capital has invested alongside Concentric Equity Partners and Duchossois Capital Management, in partnership with EDP’s management team, who will continue to lead the business. Financial terms were not disclosed.

Headquartered in Chicago, IL, EDP operates 26 regional branch locations spanning 10 states across the United States. The company serves more than 120,000 residential, commercial, industrial and agricultural customers through a diverse network of service centers. EDP was founded in 2012 by Thomas Knauff, an industry veteran with a track record of founding and building energy distribution companies. The company has successfully grown through acquisition of locally-managed market leaders and plans to continue to expand and diversify through the addition of new retail propane and midstream operations.

“EDP is a recognized leader in the propane distribution industry with multiple avenues for continued growth and a terrific leadership team,” said Ryan Roberts, Investment Partner – Services at PPC. “We are delighted to partner with EDP’s management team to support the continued expansion of the company’s national footprint and build on its proven track record of success.”

“Since our founding, EDP has cultivated a culture committed to delivering outstanding quality and service across all of the local markets in which we operate,” said Thomas Knauff, CEO of EDP. “Our collaboration with PPC, Concentric and Duchossois will advance our growth strategy as we build upon the exceptional standard of quality, service and safety for which EDP is known. This is the ideal long-term partnership to guide EDP into our next chapter.”

Paul Carbone, President and Managing Partner at PPC, said, “We are pleased to collaborate on this opportunity with two highly respected Chicago-based family investors. Together, in partnership with the EDP team, we look forward to continuing to build a market-leading business and achieving long-term success.”  

Said Ken Hooten, Partner at Concentric Equity Partners, “On behalf of Concentric, and our primary investor, the Steans family, we’re delighted to join Pritzker Private Capital and Duchossois Capital Management, two like-minded family investment firms, to support a strong, growth-focused business like EDP. We believe this partnership will benefit EDP’s team, customers and all of the company’s stakeholders.”

The investment in EDP enhances Pritzker Private Capital’s family of services companies, which includes ENTACT, a leading environmental remediation and geotechnical construction services company; and Valicor Environmental Services, one of North America’s largest providers of non-hazardous wastewater treatment services.

Stifel acted as exclusive financial advisor to EDP.

About Energy Distribution Partners

Energy Distribution Partners (EDP) is a rapidly growing company with the deep experience in retail propane operations. The company provides safe, reliable propane service to residential, commercial, industrial and agricultural customers in California, Minnesota, Wisconsin, Michigan, Ohio, Pennsylvania, New York, South Carolina, West Virginia and Washington. Energy Distribution Partners pursues a long-term strategy of acquiring successful distributors of propane and other light fuels in the midstream energy sector, retaining the brand name and employee base, and preserving the culture and leadership in local communities. EDP has become a significant player in the propane industry, recently recognized as one of the top 10 independent multi-state marketers, selling more than 100 million gallons of propane and light fuels in 2019. Since its inception in 2012, EDP has helped more than 25 owners of well-run propane businesses transition to their own “next chapter” while benefiting everyone involved. For more information, visit Edplp.net.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services, and healthcare sectors. The firm's differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal family capital partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.

About Concentric Equity Partners

Concentric Equity Partners is a private investment firm based in Chicago, IL. We partner with leading middle market companies by providing capital and strategic advisory to accelerate long term value creation. Our approach is simple: support entrepreneurs and operators by providing the resources required to achieve extraordinary results.  CEP’s investment team is made up of individuals with distinguished track records as operators and professional investors across a variety of growth oriented middle market companies.  CEP is the direct investing arm of Financial Investments Corporation, a private asset management firm with over $2 billion in investment commitments under management.  For more information, visit ficcep.com.

About Duchossois Capital Management

Duchossois Capital Management is a private investment firm owned by the Duchossois family. The firm’s operational expertise, industry knowledge and permanent source of capital creates long-term value alongside management teams and other investment partners. DCM brings additional capabilities through its extensive executive relationships, creative investment structures and expansive operating resources to a wide array of asset classes including private and public companies, private investment funds and real estate. For more information, visit dcmllc.com.

Elevation of PPC’s Next Generation of Leadership Recognizes Significant Contributions to the Firm’s Growth and Success of PPC’s Family of Companies

CHICAGO – September 28, 2020 – Pritzker Private Capital ("PPC"), a leader in family direct investing, today announced the promotions of several senior executives as the firm continues to grow its investment and operations capabilities to help build middle-market manufactured products, services and healthcare companies for long-term success. With these promotions, PPC recognizes the outstanding contributions of these leaders to the firm’s growth and the success of its family of companies.

"I am delighted to announce eight well-deserved promotions and to introduce the next generation of leaders at PPC," said Tony Pritzker, Chairman and CEO of PPC. "These impressive individuals have made invaluable contributions to the successes of our firm and our family of companies, while upholding our core values of honesty, integrity and loyalty. As a family-owned firm ourselves, it is exceptionally gratifying to recognize homegrown talent and honor our colleagues who have advanced through the ranks to become proven leaders of our firm.”

"As we continue to grow our firm, I am thrilled to congratulate these talented members of the PPC family on their hard-earned promotions," said Paul Carbone, President and Managing Partner of PPC. "I am proud that, for the first time in our history, we are welcoming as partners several colleagues who joined us in junior roles and have developed their skills and expertise over multiple years. With this talented group of leaders joining our senior ranks, I am confident we will continue to be the ideal partner for family- and entrepreneur-owned businesses based in North America.”

PPC continues to strengthen its world-class team of investment and operating professionals with the following promotions, effective immediately:

• Michael Nelson has been named Head of Investing. Nelson will now oversee the entirety of PPC’s investing program and will partner with David Gau, who oversees PPC’s Operations Group. Nelson will bring additional coordination, best practices and dedicated oversight across PPC’s Healthcare, Manufactured Products and Services sector investment teams. He will also continue as co-leader of the firm’s Manufactured Products team. Nelson joined PPC in 2012.

• Eric Kieras has been named Investment Partner – Services. Kieras will help lead the firm's Services sector investing initiatives, identifying supply chain, industrial and commercial services companies for growth-minded partnerships. Kieras joined PPC in 2020.

• Ceron Rhee has been named Investment Partner – Healthcare. Rhee will help lead PPC’s healthcare investment initiatives, advancing the team’s strategy of building market-leading healthcare companies across medical products, healthcare services, life sciences and pharma services. Rhee joined PPC in 2014.

• Chris Trick has been named Investment Partner – Manufactured Products. Trick will help lead PPC’s Manufactured Products investing team, identifying partnership opportunities with growth-focused packaging, food and industrial businesses as the firm continues to deploy significant capital in this sector. Trick joined PPC in 2014.

• Stephanie Paine has been named Partner and Chief Financial Officer/Chief Administrative Officer. Paine will continue to oversee firm operations, where she leads accounting, business management and talent recruitment and retention initiatives. Paine joined PPC in 2017.

• Brad West has been named Partner and General Counsel/Chief Compliance Officer. West manages all legal, regulatory compliance and corporate governance aspects of PPC’s business operations, including transaction execution and coordination of business initiatives across PPC’s family of companies. West joined PPC in 2014.

• Anthony Cardona has been named Principal – Services. Cardona has played a key role in accelerating the firm's Services investing, positioning PPC and its supply chain, industrial and commercial services companies to capitalize on attractive opportunities in the sector. Cardona originally joined PPC in 2014 and earned his MBA from Northwestern University.

• Thomas Chadwick has been named Principal – Manufactured Products. Chadwick has played a key role in driving the team’s Manufactured Products investing strategy, partnering with and building its family of packaging, food and specialty industrial businesses for long-term growth. Chadwick joined PPC in 2017.

PPC brings a time-tested, disciplined approach to partnering with family- and entrepreneur-owned middle-market companies, focusing on quality businesses with leading positions in the manufactured products, services, and healthcare sectors. PPC aims to identify quality, growth-focused businesses with which to form a strong, growth-minded partnership and cultivate long-term success. PPC continues to be uniquely positioned to achieve strong results for its family of companies by combining the flexibility of long-duration family capital with the legacy and values of a family-owned business.

For additional biographical information about each of the PPC team members highlighted above, please refer to PPCPartners.com/team.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services, and healthcare sectors. The firm's differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal family capital partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.

Recognized Industry Leader Strengthens PPC’s Commitment to Operational Excellence and Supports Growing Family of Manufacturing Companies

CHICAGO – September 9, 2020 – Pritzker Private Capital ("PPC"), a leader in family direct investing, today announced that Terry Sutter, a highly-regarded operations executive with deep experience advising complex industrial and manufacturing organizations, has joined the firm’s Manufactured Products team as Operating Partner. Mr. Sutter will co-lead PPC’s Manufacturing team in partnership with Investment Partner Michael Nelson. With more than two decades of sector expertise, Mr. Sutter will support PPC’s growing family of manufacturing companies and further strengthen PPC’s commitment to operations excellence.

“Terry brings to PPC more than 35 years of proven experience leading, growing and advising industrials companies, and we are pleased to welcome him to the PPC family,” said Michael Nelson, Partner – Head of Manufactured Products and Services Investing at PPC. “We continue to deploy flexible and long-duration capital to build leading, growth-focused manufactured products companies. We are confident that Terry’s deep understanding of the complex operational needs of companies in this sector will be instrumental in executing our strategy.”  

“The addition of Terry to our world-class team of operating professionals underscores our commitment to partner with family- and entrepreneur-owned businesses to build their businesses for the long-term,” said Paul Carbone, President and Managing Partner of PPC. “Throughout Terry’s career he has honored our long-held values of honesty, integrity and loyalty. As we continue to grow our firm and scale our operations platform, Terry’s unique skill-set will help us create even more value for our growing family of companies.”  

Mr. Sutter will join the Pritzker Operations Group, led by David Gau, Partner and Head of Operations at PPC, where he will work alongside the firm’s Services and Healthcare Operating Partners to support the continued growth of PPC’s Operations team.

“The depth of our operations capabilities is a unique and important component of our strategy, and Terry is an exciting complement to our operations team,” said Mr. Gau. “We look forward to working with Terry as we provide even more value-add services in partnership with companies across the manufactured products sector.”

Mr. Sutter joins PPC after a distinguished 10-year tenure as an Executive Advisor with Aurora Capital Partners, where he advised complex organizations in the industrial sector, and served as a member of Aurora's Executive Board. During his tenure at Aurora, he participated in numerous platform and add-on acquisitions and served on the Boards of Directors of more than 10 companies, including five as Chairman. Over the course of his 25-year career prior to joining Aurora Capital Partners, Mr. Sutter served as Chief Operating Officer of Gerdau Ameristeel, where his team led in excess of $5 billion of acquisitions across the business; and several leadership roles at Tyco International, where he helped lead the company’s transformation as President of Tyco Plastics and Adhesives. He has also held operations-focused positions at AlliedSignal, Pennzoil and Morton International. Mr. Sutter was a co-founder in the Dr. Paul Chan scholarship fund at the University of Missouri. He earned a B.S. in Chemical Engineering from University of Missouri-Columbia, a M.S. in Chemical Engineering from Texas A&M University, and an MBA from the University of Chicago.

“With the firm’s flexible approach to investing and longstanding focus on operational excellence, PPC is truly unique,” said Mr. Sutter. “I am eager to get started and contribute to the success of the firm’s Manufactured Products team and our companies.”

Pritzker Private Capital brings a time-tested, disciplined approach to partnering with middle-market companies, focusing on quality businesses with leading positions in the manufactured products, services, and healthcare sectors. PPC aims to identify quality, growth-focused businesses in the manufactured products sector with which to form a strong, growth-minded partnership and cultivate long-term success. PPC continues to be uniquely positioned to achieve strong results for its family of companies by combining the flexibility of long-duration family capital with the legacy and values of a family-owned business.

PPC’s current Manufacturing companies include C.H. Guenther, a leading global producer of branded and private label food products; Plaskolite, North America’s largest provider of transparent thermoplastic sheet products; PLZ Aeroscience, the North American leader in specialty aerosol product manufacturing; ProAmpac, a global leader in innovative custom flexible packaging solutions; and Technimark, a leading global provider of custom rigid plastic packaging and components.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services, and healthcare sectors. The firm's differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. For more information, visit PPCPartners.com.

MONROE, Ohio, Sept 8, 2020 – Valicor Environmental Services (“Valicor”), one of North America’s largest providers of non-hazardous wastewater treatment services, today announced it has acquired Water Depot, expanding its leading network of wastewater processing facilities in the Mid-Atlantic region.

Water Depot operates a full-service centralized wastewater treatment (“CWT”) in Westminster, Carroll County, Maryland. Water Depot specializes in treating non-hazardous petroleum-contaminated water to both government and private sector clients along the East Coast.

“We are excited to add the Westminster facility to our expanding network of CWTs across the US,” said Bill Hinton, Chief Commercial Officer of Valicor. “Valicor continues to expand in both new and existing geographies in order to better serve its customers. Our new Westminster location will play a key role as we increase our service in the Mid-Atlantic and we are thrilled to welcome the Water Depot team to the Valicor family.”

Valicor is owned by Pritzker Private Capital, which partnered with management in July 2019. Valicor’s acquisition strategy focuses on acquiring operators of CWT facilities and other providers of waste management and environmental services, including materials recycling, used oil processing, product destruction, landfill solidification, and related services.

Ryan Roberts, Investment Partner with Pritzker Private Capital, commented, “We welcome Water Depot to the Valicor and Pritzker Private Capital families. With this acquisition, Valicor will expand their service area in the Mid-Atlantic. We enthusiastically support Bill and the entire Valicor team as they continue to build Valicor’s national network and service offering to better serve its customers nationwide.”

About Valicor Environmental Services
 
Based in Monroe, Ohio, Valicor is one of the largest providers of non-hazardous wastewater treatment services in North America. Leveraging its extensive fleet of tankers and a network of strategically located centralized wastewater treatment facilities, the company transports and processes diverse wastewater streams that result from the manufacture of industrial and consumer goods. Valicor’s mission-critical services allow customers to meet federal, state, and local regulations by safely and responsibly disposing of oily water, leachate, soaps, line flush waste, and similar waste streams. The company also provides a diverse set of landfill solidification and product destruction services. Valicor is an ISO 14001 certified organization and takes great pride in its environmental compliance process.

Additional information about Valicor is available at Valicor.com

About Pritzker Private Capital
 
Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur and family owned companies.

Additional information about Pritzker Private Capital is available at PPCPartners.com.

DOWNERS GROVE, IL, September 2, 2020 – PLZ Aeroscience Corporation (“PLZ”), the North American leader in specialty aerosol and liquid product manufacturing, today announced it has acquired Mansfield-King, LLC (“Mansfield-King”), a leading contract manufacturer of specialty personal care products, from Founder and Owner, Charles Haywood. Financial terms of the acquisition were not disclosed. With this acquisition, PLZ adds a Midwest facility dedicated to manufacturing personal care liquid products to its full-service personal care network, which includes one liquids facility in California and four aerosol facilities across the United States and Canada.

As one of the fastest-growing personal care manufacturers in the U.S., Mansfield-King produces a variety of personal care products for its customers in addition to offering end-to-end solutions from product development and formulation to blending, filling and packaging. Mansfield-King serves as a valued strategic partner to mid-sized brands and maintains long-standing relationships with its customers across the professional, multicultural/textured and men’s grooming markets. Mansfield-King is led by Mr. Haywood and Executive Vice President, Tom Lehman, who are supported by a talented, tenured team across the company’s Research & Development, Quality and Production functions.

“We are very excited to be partnering with the Mansfield-King team,” said Ed Byczynski, PLZ’s President and CEO. “Mansfield-King is a leading innovator within the specialty personal care market, and we believe they will be a fantastic addition to PLZ as we continue growing our personal care footprint across North America.”

“I am excited to have found a like-minded partner in PLZ that will bring added resources, deep industry experience and R&D expertise to complement our talented team,” said Mr. Haywood. “Our partnership with PLZ will propel the combined company forward into its next chapter as we continue to deliver exceptional innovation, quality and service to our customers.”

“We are very excited to be partnering with PLZ, and we believe this combination will allow both of our businesses to better serve our customers within the specialty personal care market,” added Mr. Lehman.

Headquartered outside Chicago, PLZ is the North American leader in specialty aerosol and liquid product manufacturing. This acquisition builds on PLZ’s 2019 acquisition of California-based Liquid Technologies, Inc., which expanded PLZ’s liquid production capabilities and customer base within the personal care market. The PLZ family of companies specializes in the development, manufacturing, packaging and distribution of a comprehensive line of contract fill, branded and private-label products for a variety of consumer and industrial end markets. PLZ is owned by Pritzker Private Capital and management.

About PLZ Aeroscience

PLZ Aeroscience is the North American leader in specialty aerosol and liquid product manufacturing. The PLZ family of companies specializes in the development, manufacturing, packaging and distribution of a comprehensive line of contract fill, branded and private-label products. PLZ formulates, blends, fills and packages more than 2,500 branded and private-label products including personal care products, cleaners and polishes, industrial solvents, lubricants and degreasers, adhesives, sanitary supply disinfectants, insecticides and air fresheners for home and industrial use. For more information, visit PLZAeroscience.com.

About Mansfield-King

Founded in 2005 and headquartered in Indianapolis, Indiana, Mansfield-King is a leading contract manufacturer of specialty personal care products for the professional, multicultural/textured and men’s grooming markets. The Company manufactures products such as shampoos, conditioners, pomades, gels and creams and offers end-to-end solutions from product development and formulation to blending, filling and packaging. Mansfield-King is a strategic partner to mid-sized brands and maintains long-standing relationships with its customers across each end market. For more information, visit MansfieldKing.com.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur and family owned companies. For more information, visit PPCPartners.com.

This piece was originally published in Family Business on July 22, 2020 and authored by Paul Carbone, Brad West and Ryan Harris, Cole Parker, Adam Wexner.

As a result of the market dislocation brought on by the COVID-19 pandemic, many private family-owned businesses find themselves in a precarious situation with budgets stressed and a seemingly never-ending battle to find suitable sources of capital. Family business owners who never expected to raise money outside the family are now faced with (1) extremely tight and expensive debt markets, (2) difficulty accessing new federal programs (some may have already exhausted limited PPP loans) and (3) potentially limited additional access to family capital or a reluctance to put additional capital into the business.

While some families look to potential acquirers as a solution to both de-lever family risk and raise capital for their businesses, many families are not ready or never intend to sell their businesses. Even if a family is willing to sell, there is a growing valuation disconnect between potential acquirers and sellers resulting from the impact of COVID-19 and other business, political and social uncertainties.

Of the many structures and approaches to marry up sources of capital with family businesses, minority/growth equity is well suited for today's difficult markets. A growing number of families who previously sold their companies or otherwise have significant investable assets are looking to invest in private companies for the long term as opposed to investing in the public markets. These families are seeking companies that operate with a shared vision and values.

Family investors often focus on partnering with family businesses because both parties’ needs and interests often match up well. The inherent flexibility family investors bring to their investing can be helpful to family businesses.

Minority/growth equity provides a business with the capital necessary to support and grow operations without the family owners giving up control (other than, in most cases, some limited negative controls afforded to the holders of preferred equity) while also limiting the dilution caused by artificially depressed valuations. This capital solution can be structured in multiple ways, including simple common equity, but often takes the form of structured preferred equity.

Features of structured preferred equity

Structured preferred equity can be highly bespoke. Typical characteristics of structured preferred equity include:

• Downside protection. Debt-like protection in the form of a liquidation preference over common equity (i.e., the preferred capital is first in line to receive a return of the invested amount in preference to the family's and other equity holders' common ownership), but without debt-like enforcement mechanisms, such as security interests, robust covenant compliance or foreclosure remedies.

• Preferred return. Interest in the form of a "yield" (e.g., 8% to 12% yield on principal investment, which may compound and may be paid-in-kind instead of paid in cash).

• Upside economics. Preferred equity may be "straight preferred" (receives priority return of capital and yield), "participating preferred" (receives return of capital and yield and participates with common equity on an as-converted basis) or "convertible preferred" (receives either a return of capital and yield or participates with common equity on an as-converted basis). Straight preferred is less common but usually most favorable to the family owners. Convertible preferred is less dilutive to the family owner than participating preferred and is usually the family owners’ second choice. The type of preferred equity will often dictate the amount of yield payable on such preferred equity (i.e., straight preferred will have a higher yield than participating preferred).

• Governance. Representation on the company’s board of directors and select negative control and minority protections, such as:

• Liquidity. Exit or other liquidity rights at pre-determined dates (e.g., a right to cause the company to redeem the preferred equity after some agreed to period (e.g., five years) at a pre-determined or market valuation or a right to cause a sale or IPO of the company).

• Does the partner share a common understanding of how businesses are built and operated, including how business decisions affect employees, business partners and the community
  
  
• Does the partner understand family and founder dynamics, such as developing the next generation, creating robust succession plans and preserving legacies
  
  
• Is there an appropriate alignment of values between the family and the partner? How will the partner behave when times are good? How do those behaviors change during tough times?
  
  
• Does the partner share the same investment horizon as the family? Specifically, will the partner look to force a sale of the family business or other liquidity event (e.g., will the partner "put" the preferred equity back to the company, which in practice forces a sale of the family business due to lack of alternatives to fund the put) prior to the family’s preferred timing?
  
  
• To what extent does the partner require involvement in key operating and financial decisions, such as setting annual budgets, reinvesting in the business and pursuing acquisitions and divestitures? Is the level of partner involvement and authority commensurate with the value and expertise it provides?
  
  
• How flexible is the partner and its capital base? Can the partner step in with speed and certainty to provide additional, differentiated capital to execute on offensive or defensive strategies
  
  
• Does the partner have the right strategy, the right team and the right resources to make good on its promises? Similar to how capital providers perform detailed due diligence on prospective investment opportunities, family owners should apply the same rigor to selecting a partner. Owners should ask the right questions of the partner and its team to develop an informed understanding of how the partner operates and adds value. Owners should treat the selection process like an interview Find the "A" player that possesses the right attributes and competencies, in the right role, to achieve clearly defined objectives.
  
  

During this period of market uncertainty, family business owners should consider all the tools available to maximize business continuity, wealth preservation and flexibility of liquidity. Preferred minority/growth equity structures are a useful mechanism to accomplish a number of objectives while retaining future flexibility.

Paul Carbone is President and Managing Partner and Brad West is General Counsel and Chief Compliance Officer of Pritzker Private Capital (ppcpartners.com). Ryan Harris, Cole Parker and Adam Wexner are partners at Kirkland & Ellis LLP. Harris leads the firm's Private Investment & Family Office Practice (www.kirkland.com).

Recognized Industry Leader to Join PPC’s Healthcare Team and Support PPC’s Strategy of Deploying Flexible and Long-Duration Capital Across the Healthcare Sector

CHICAGO and LOS ANGELES – June 25, 2020 – Pritzker Private Capital ("PPC"), a leader in family direct investing, today announced that David P. King, a respected healthcare services industry leader with a track record of growing diagnostics and life sciences companies, will join the firm’s Healthcare team as Operating Partner, effective August 3, 2020. Mr. King will co-lead PPC’s Healthcare team in partnership with Investment Partner Michael Dal Bello. Mr. King brings two decades of operational leadership and sector expertise to PPC to further support the firm’s growing family of healthcare companies and advance PPC’s healthcare strategy and investment initiatives. 

“Dave is a leader in the diagnostics and life sciences industries, and his skill in building and growing companies to a significant scale will play a critical role in enhancing our operations capabilities for our family of companies,” said Michael Dal Bello, Investment Partner – Healthcare at PPC. “We all look forward to working with Dave as we continue to build market-leading healthcare companies that deliver innovative products and services with high clinical quality. We are pleased to welcome Dave to PPC.”

“Dave’s broad global perspective and significant leadership experience across the healthcare industry make him an outstanding addition to our team,” said Paul Carbone, President and Managing Partner of PPC. “As our firm grows, we continue to be focused on serving as the ideal, value-added partner for family- and entrepreneur-owned businesses looking for a long-term partner. Dave brings a unique skill set to our team and I am confident his expertise will be invaluable to our family of companies.”

Mr. King will join the Pritzker Operations Group, led by David Gau, Partner and Head of Operations at PPC, where he will work alongside the firm’s Services and Manufactured Products Operating Partners to support the continued growth of PPC’s Operations team.

“We believe that further strengthening our operations capabilities is an important component of our strategy to partner with our management teams to create long-term value for our companies,” said Mr. Gau. “Dave’s experience and management style are exciting complements to our team, and I am thrilled that PPC continues to expand the services we offer our companies.”

Mr. King joins PPC after a distinguished tenure at LabCorp (NYSE: LH), where he served for nearly 13 years as CEO and most recently as executive chairman. He spearheaded LabCorp’s transformation from a pure-play clinical laboratory into a global leader in life sciences, tripling the size of the company through a combination of organic growth, market expansion and strategic acquisitions to more than $11.5 billion in revenue and nearly 65,000 employees in 2019. Central to that transformation was the successful execution and integration of the $5.6 billion acquisition of Covance. During Mr. King’s tenure, LabCorp entered the Fortune 500, was named to Fortune’s List of World’s Most Admired Companies and Forbes’ ranking of The World’s Most Innovative Companies, and earned the designation as a Best Place to Work for LGBTQ Equality by the Human Rights Campaign Foundation.  Prior to his career at LabCorp, he was a partner at the law firm of Hogan & Hartson (now Hogan Lovells), and a key member of the firm’s national healthcare practice. Mr. King is the board chair of PATH, a nonprofit global health organization, and serves on the advisory board for Duke University’s Robert J. Margolis, MD, Center for Health Policy. He is also senior advisor to the American Clinical Laboratory Association, where he served as chairman from 2010 to 2014.

“I want to continue my professional career in a role where I can remain focused on building companies that will bring innovation, quality and improved outcomes to our healthcare system,” Mr. King commented. “It is also critical to me to be part of a strong and collaborative culture. I found the perfect fit at Pritzker Private Capital: a commitment to operational excellence; a flexible approach to investing, which allows the team to form quality partnerships with like-minded owners and management teams; and a culture centered on honesty, integrity and loyalty. I’m thrilled to join the exceptionally talented team at PPC and look forward to contributing to the firm’s success.”

Michael Lynch, current Operating Partner on PPC’s Healthcare team, will make his planned transition to the role of Senior Advisor – Healthcare at PPC at the end of the year so he can devote more time to pursue his personal objectives. As Senior Advisor, he will continue to work closely with PPC’s Healthcare team to advise on growth strategies and provide operations counsel to PPC’s companies in the medical products space. Mr. Lynch will remain on the PathGroup Board of Directors, where he will assume the role of chairman.

Continued Mr. Carbone: "Mike is a terrific partner and an incredibly valuable member of the PPC family, and we wish him the best as he creates more time to pursue his personal endeavors. We are delighted that he will continue to be active with PPC and will continue to support our companies as a Senior Advisor going forward.”

Pritzker Private Capital brings a time-tested, disciplined approach to partnering with middle-market companies, focusing on quality businesses with leading positions in the manufactured products, services and healthcare sectors. PPC aims to identify innovative healthcare companies that produce high clinical-quality products with which to form a strong, growth-minded partnership and cultivate long-term success. PPC continues to be uniquely positioned to achieve strong results for its family of companies by combining the flexibility of long-duration capital with the legacy and values of a family-owned business.

PPC’s current healthcare companies include PathGroup, a leading provider of comprehensive anatomic, clinical and molecular diagnostic services; and KabaFusion, a national provider of specialty acute and chronic home infusion services. In addition, Pritzker Private Capital was an investor in Clinical Innovations, one of the largest medical device companies dedicated to labor and delivery and neonatal intensive care.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm's differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. For more information, visit PPCPartners.com.

Carlson to Enhance Information Technology Capabilities and Strengthen PPC’s Partnership with its Expanding Family of Companies as Head of Technology Group

CHICAGO – May 6, 2020 – Pritzker Private Capital ("PPC"), a leader in family direct investing, today announced Jeff Carlson will serve as the firm’s Director of Technology, a newly created position. PPC also announced the formation of a technology group, dedicated to further strengthening the firm’s enterprise-level technology strategy and supporting the firm’s expanding family of companies with technology resources for risk management, business value creation and workforce management.

PPC’s technology group is an important strategic initiative to continue to deepen the firm’s technology resources and expertise, and to further enhance PPC’s operations and value creation capabilities for its family of companies. As head of this group, Mr. Carlson will oversee PPC’s IT team and will provide strategic and tactical guidance to PPC’s companies across this critical function, including cybersecurity protections, risk management and regulatory compliance, workforce tools and operational enhancements.

“We’re pleased to announce Jeff’s new role as PPC’s Director of Technology, which bolsters our firm’s leading technological capabilities and is an exciting next step in our mission to provide best-in-class resources to our family of companies,” said David Gau, Partner and Head of Operations of PPC. “By integrating the technological support systems of our firm and companies under one collective unit led by Jeff, we will be well positioned to evolve our capabilities going forward and continue to effectively deploy resources in partnership with our companies.”

“With technology resources playing a larger role than ever before in how we live and work, now is a critical time for PPC to further advance this critical function for the firm and throughout its family of companies,” said Mr. Carlson. “As I begin to work alongside each company and the PPC team, I look forward to bringing new technology initiatives to life as we collaborate to work securely, optimize performance and achieve our long-term goals.”

Mr. Carlson has served as Director of Information Technology at Pritzker Group since 2014. Prior to 2014, Mr. Carlson was Vice President of Information Technology at SunTrust Robinson Humphrey, where he developed the primary trading application for the firm’s Total Return Swap trading desk and worked in a dual operations and technology capacity. Before SunTrust, Mr. Carlson worked as a Vice President, TRS Technology at Bank of America, and began his career at Vista Software Solutions, now part of JDA Software. Mr. Carlson graduated from Northern Illinois University with a B.S. in Business Administration and a M.S. in Information Systems.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm's differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. For more information, visit PPCPartners.com.

Mitchell Grindley Transitions to Executive Chairman 

COLUMBUS, Ohio - April 23, 2020 – Plaskolite, LLC, North America’s largest manufacturer of plastic sheet products, today announced that Ryan Schroeder has been named President and CEO, effective May 4, 2020. Mr. Schroeder, a seasoned executive with a proven track record of leading manufacturing companies to sustained long-term growth, succeeds Mitchell Grindley, a 37-year veteran of Plaskolite and the company’s CEO since 2015. Mr. Grindley will continue an active role with Plaskolite’s Board of Directors as Executive Chairman and will work closely with Schroeder during the transition.

“Plaskolite’s reputation speaks for itself, and I admire its leadership team, business practices, and dedication to customer service and innovation,” Mr. Schroeder said. “Plaskolite’s strong culture, with more than 60 years as a family-led business, has fostered a deep focus on being a valued supplier and partner to their customers. I am excited to join such an outstanding company and to work with Mitch and his team to build on this tremendous foundation.”

“Our rapid growth, including four acquisitions since the start of 2018, has made it clear that our leadership team must continue to grow,” Grindley said. “As I hand off leadership to Ryan, I am confident his experience and appreciation for the Plaskolite culture make him a perfect fit to lead us into the next phase of our growth as a company. We are excited to add his voice to our veteran leadership team and together look forward to best serving our customers.”

Since Plaskolite was founded in 1950 by Donald Dunn and family, the company has grown into North America’s largest thermoplastic sheet producer with products including acrylic, polycarbonate, PETG and ABS sheet, polymer and profile products. Plaskolite employs more than 1,200 employees across a network of 10 manufacturing facilities in the United States and Mexico.

Schroeder brings a track record for growing businesses both organically and through acquisition, most recently at IMI Precision Engineering, where he spent four years as President of the Americas leading approximately 2,200 employees across 17 facilities. Prior to that, Schroeder spent 12 years with Parker Hannifin in a variety of roles, including GM of Global Valves, Plant Manager and Supply Chain Manager of the company’s Mobile Cylinders division. He has a BA in Supply Chain Management from Michigan State University and an MBA from the University of Minnesota. Ryan and his family will be relocating from Denver to Columbus.

About Plaskolite, LLC

Founded in 1950 in Columbus, Ohio, by Donald G. Dunn and family, Plaskolite, LLC is the largest North American manufacturer of thermoplastic sheet products. Plaskolite is owned by Pritzker Private Capital along with the Dunn family, management and other co-investors. Plaskolite’s customized products are used in a wide variety of applications, including windows, doors, lighting, signs, point-of-purchase displays, transportation, security and bath products. Plaskolite serves a diverse customer base including distributors, OEMs and retailers. For more information, please visit our website at Plaskolite.com.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur and family owned companies. For more information, visit PPCPartners.com.

CERRITOS, Calif. – March 4, 2020 – KabaFusion, a leading provider of specialty acute and chronic home infusion therapies, today announced it has acquired the home infusion assets of Lincare, a subsidiary of Linde plc. The strategic combination strengthens KabaFusion’s position as the premier clinician-led home infusion company in the United States, significantly enhancing the company’s ability to deliver superior patient care across a broad range of home infusion therapies nationwide.

KabaFusion, led by founder Dr. Sohail Masood, has been a pioneering leader in patient-focused home infusion services with deep clinical expertise in intravenous immunoglobulin (IVIG) therapies. The addition of Lincare’s infusion operations expands KabaFusion’s footprint to 28 home infusion specialty pharmacies, adding key strategic markets in Alabama, Arkansas, Florida, Indiana, Kentucky, Michigan, New Jersey, New York, North Carolina, Virginia and Wyoming.  Together with KabaFusion’s existing pharmacies in California, Florida, Illinois, Massachusetts, New Jersey, Pennsylvania and Texas, the company is licensed to serve patients in 44 states with a comprehensive offering of acute, chronic and enteral therapies.

“We are excited to expand our national network with the infusion pharmacies from Lincare, who shares our values and our deep commitment to patient care” said Dr. Sohail Masood, founder and Chief Executive Officer of KabaFusion. “We look forward to combining the best of both our teams, as together we will be even better positioned to continue delivering high-quality home infusion services to achieve the best possible outcome for each of our patients.”

The transaction marks KabaFusion’s first acquisition since partnering with Pritzker Private Capital in January 2019.  Ceron Rhee of Pritzker Private Capital commented, “We are pleased to welcome Lincare’s infusion team to the KabaFusion and Pritzker Private Capital families. The combination of KabaFusion’s patient-focused leadership in IVIG with Lincare’s long-standing presence in complementary markets uniquely positions the company for continued exceptional growth under Dr. Masood’s leadership.”

KabaFusion’s clinician-led management team will continue to lead the combined company in working with patients, healthcare providers, hospitals and payors across the United States to deliver the highest quality home infusion services with unmatched clinical excellence. Terms of the transaction were not disclosed.

About KabaFusion

KabaFusion was founded by Dr. Sohail Masood, Pharm D., in 2010 and operates 28 home infusion specialty pharmacies strategically located in California, Alabama, Arkansas, Florida, Illinois, Indiana, Kentucky, Massachusetts, Michigan, New Jersey, New York, North Carolina, Pennsylvania, Texas, Virginia and Wyoming. KabaFusion is guided by a commitment to positive clinical outcomes and excellence in specialty acute and chronic therapies including intravenous immunoglobulin (IVIG). The company is dedicated to working proactively with patients, healthcare practitioners and payors to provide comprehensive support before, during and after treatment. For more information, visit Kabafusion.com.

About Pritzker Private Capital

Acquisition extends Valicor’s service offering into the Denver market

MONROE, Ohio, February 24, 2020 – Valicor Environmental Services (“Valicor”), one of North America’s largest providers of non-hazardous wastewater treatment services, today announced it has acquired Affiliated Wastewater Environmental Services (“AWES”), expanding its leading network of wastewater processing facilities into the Denver market.

AWES operates a premier centralized wastewater treatment (“CWT”) facility in Denver, Colo.  By acquiring AWES, Valicor expands its presence into the Western United States and strengthens its position as a leading nationwide provider of wastewater treatment services. The AWES acquisition increases the number of Valicor centralized wastewater treatment plants to 15, with 26 facilities overall, as the company continues to grow its national footprint.

“We are pleased to expand Valicor’s leading network into Denver,” said Bill Hinton, Chief Commercial Officer of Valicor. “Valicor continues to expand into new geographies in order to better serve both new and existing customers. AWES will play a key role as we serve customers out West and we are thrilled to welcome the AWES team to the Valicor family.”

Valicor is owned by Pritzker Private Capital, which partnered with management in July 2019. Valicor’s acquisition strategy focuses on acquiring operators of CWT facilities and other providers of waste management and environmental services, including materials recycling, used oil processing, product destruction, landfill solidification, and related services.

Ryan Roberts, Investment Partner with Pritzker Private Capital, commented, “We welcome AWES to the Valicor and Pritzker Private Capital families. With this acquisition, Valicor will be able to serve customers in a key new market. We enthusiastically support Bill and the entire Valicor team as they continue to build Valicor’s national network and service offering to better serve its customers nationwide.”

About Valicor Environmental Services

Based in Monroe, Ohio, Valicor is one of the largest providers of non-hazardous wastewater treatment services in North America. Leveraging its extensive fleet of tankers and a network of strategically located centralized wastewater treatment facilities, the company transports and processes diverse wastewater streams that result from the manufacture of industrial and consumer goods. Valicor’s mission-critical services allow customers to meet federal, state, and local regulations by safely and responsibly disposing of oily water, leachate, soaps, line flush waste, and similar waste streams. The company also provides a diverse set of landfill solidification and product destruction services. Valicor is an ISO 14001 certified organization and takes great pride in its environmental compliance process.

Additional information about Valicor is available at Valicor.com.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur and family owned companies.

Additional information about Pritzker Private Capital is available at Ppcpartners.com

CHICAGO – February 4, 2020 – Pritzker Private Capital ("PPC"), a leader in family direct investing, today announced several senior-level executive promotions and new hires as the firm continues to grow its investment and operations capabilities to help build middle-market manufactured products, services and healthcare companies for long-term success.

• Michael L. Nelson has been named Head of Manufactured Products and Services Investing. Nelson will continue as co-leader of the Manufactured Products team and will now assume overall leadership of PPC's Manufactured Products and Services investing, enhancing PPC's coordination and effectiveness in identifying and executing investment opportunities in these sectors. Similarly, Ryan Roberts, Investment Partner - Services, will continue in his role as co-leader of the Services team.

• David A. Gau has been named Head of Operations. Gau previously served as PPC's Operating Partner responsible for Manufactured Products. The creation of this new position provides dedicated, experienced leadership to PPC's growing operations team, which brings a critical capability to the firm's value creation and growth strategies.

• Eric J. Kieras joins PPC as a Principal on the Services investing team. Kieras joins PPC with 15 years of experience in investing in privately held and entrepreneurially run businesses in the United States and Canada. The Services sector is a strategic priority for PPC, and Kieras brings additional capabilities and experience to the team.

• Meghan M. Slentz joins PPC as Head of Partner Relations and Marketing. Slentz brings a decade of experience in developing and managing relations with investor partners and promoting marketplace awareness for the organizations she has served. Her background and experience will further advance PPC's committed club strategy and build upon the firm's success in partnering with other like-minded family investors. 

• Carter A. Cast joins the PPC team as a Senior Advisor. Cast, the former CEO of Walmart.com and current member of the Kellogg Company and SMS Assist Boards of Directors, will bring valuable expertise in e-commerce, marketing and talent development to PPC's operating companies. He also serves as an Operating Partner with Pritzker Group Venture Capital and Clinical Professor of Entrepreneurship at Northwestern University's Kellogg School of Management.

These appointments strengthen PPC's world-class team of investment and operating professionals. PPC continues to be uniquely positioned to achieve strong results for its family of companies by combining the flexibility of long-duration capital with the legacy and values of a family-owned business.

PPC is driven by a deeply rooted understanding and appreciation for building businesses for the long term while honoring the legacies of its companies. PPC brings a time-tested, disciplined approach to partnering with middle-market companies, focusing on quality businesses with leading positions in the manufactured products, services and healthcare sectors.

"I am thrilled to announce Michael and David's promotions, and to welcome Eric, Meghan and Carter to the PPC team," said Tony Pritzker, Chairman and CEO of PPC. "As a family-owned firm ourselves, we are passionate about building businesses for long-term success, and we have a proven track record of doing so while upholding our core values of honesty, integrity and loyalty. By strengthening PPC's senior team, we are poised to execute on the next phase of our growth as the ideal partner for family- and entrepreneur-owned businesses based in North America."

"I am excited for Michael and David as they take on their new roles at PPC and look forward to working with Eric, Meghan and Carter to further strengthen our capabilities," said Paul Carbone, President and Managing Partner of PPC. "Our differentiated strategy and leading position in deploying capital for the right duration are key components of our ability to attract and retain industry-leading talent. Michael and David, in their new roles, will bring even more value to our companies and I am pleased to welcome Eric, Meghan and Carter to the PPC family."

About Michael L. Nelson

Michael Nelson joined Pritzker Private Capital in 2012 as Investment Partner – Manufactured Products and currently serves as Partner and Head of Manufactured Products and Services Investing. Prior to joining Pritzker Private Capital, Michael was a Managing Director at Wind Point Partners, a multi-billion dollar, middle-market private equity firm headquartered in Chicago. Michael led investments in specialty manufacturing and packaging and served on the boards of seven different portfolio companies during his 10 years with the firm. Prior to Wind Point, Michael was the Vice President of Finance for Esurg Corporation, a private equity-backed distributor of medical and pharmaceutical supplies. Michael also spent four years in investment banking with Vector Securities. Michael serves on the board of directors of the Chicago Jesuit Academy, a full-scholarship, lower and middle school for young men from modest economic backgrounds who could not otherwise access a well-resourced, faith-based college prep education. Michael received his B.B.A. in Finance and Accounting from the University of Michigan and an M.B.A. from Harvard Business School.

About David A. Gau

David Gau joined Pritzker Private Capital in 2014 as Operating Partner – Manufactured Products and currently serves as Partner and Head of Operations. David has a history of building and operating multi-national organizations, most recently as chief executive officer of Intersystems, a manufacturer of material handling equipment for agricultural and industrial applications. Prior to Intersystems, David served as executive vice president of global commercial operations and group president of Industrial Fluid Power for Gates Corp. Gates Corp. is a multi-billion manufacturer of advanced power transmission and fluid transfer solutions, with more than 14,000 employees across 106 locations in 30 countries. Prior to joining Gates Corp., David was president of Air System Components, a division of Tomkins. David is a graduate of the University of Nebraska at Omaha.

About Eric J. Kieras

Eric Kieras, Principal - Services, is based in Chicago and brings 15 years of experience in sourcing and overseeing investments in the logistics, test and measurement, packaging and niche manufacturing sectors to Pritzker Private Capital. He was previously Managing Director at JZ Partners, LLC, a middle-market investment firm, where he helped lead investment strategy and execution and served on the Boards of Directors of several of the firm's operating companies. Prior to joining JZ Partners, Eric worked as an investment banker for the plastics and packaging team at P&M Corporate Finance, a regional investment bank focused on middle-market M&A transactions. Eric received his B.B.A. from the University of Michigan Ross School of Business.

About Meghan M. Slentz

Meghan Slentz, Head of Partner Relations and Marketing, is based in Chicago and brings a decade of experience in developing and managing relations with investor partners and promoting marketplace awareness for the organizations she has served. Prior to joining Pritzker Private Capital, Meghan served as Director of Investor Relations at Waud Capital and as Manager of Investor Relations for Madison Dearborn Partners. Prior to Madison Dearborn Partners, she spent time in marketing and investor relations roles at Pantheon and at Credit Suisse's Private Fund Group. Meghan received her B.B.A. in Accountancy, cum laude, from the University of Notre Dame.

About Carter A. Cast

As a Senior Advisor to Pritzker Private Capital, Carter Cast counsels the firm's operating companies on matters related to e-commerce, marketing and talent development. Carter is currently an Operating Partner at Pritzker Group Venture Capital and, in 2011, he joined the faculty of Northwestern University's Kellogg School of Management, where he is a Clinical Professor teaching entrepreneurship and marketing. Carter played a leadership role in launching Walmart.com, where he also served as CEO, and has launched several e-commerce start-ups in his career, including Blue Nile and Netshops.com. Carter sits on the Boards of SMS Assist and Kellogg Company, and is a member of the advisory board of Northwestern University's Kellogg Innovation Network. Carter graduated from Stanford University and Northwestern University's Kellogg School of Management.

About Pritzker Private Capital

Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm's differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. For more information, visit PPCPartners.com.

• Mitigating family capital investment constraints (e.g., available capital, concentration or diversification limits, timing of capital deployment and pacing requirements) that potentially limit actionable opportunities. Outside capital often enhances flexibility regarding scope and timing of potential investments;
• Maintaining competitiveness with long-term hold private equity sponsors that increasingly encroach on the territory of this traditional family office investment strategy. The ability to invest in more in-scope transactions promotes family office strategies to a wider audience;
• Using upscaled assets under management to create competitive compensation packages that will recruit and retain key investment personnel. Stability and cohesion of personnel is critical for achieving family office objectives, and higher cash flows generated by upscaling the firm can help level the compensation playing field;
• Enhancing profitability and investment returns by reducing exposure to third-party managers where fees and carried interest may be charged. Larger investment checks lead to greater demand and more leverage in the process;
• Decreasing dependence on strategic relationships and co-investment opportunities for transaction sourcing;
• Building a broader network and enhancing name/brand recognition. Increases in deal flow and a widening investor base create new opportunities for capital raising, capital expansion and building out internal operational expertise; and
• Converting an attractive long-term track record into a competitive marketing advantage for new assets, as many first-time fund sponsors lack credible long-term performance. Prior relevant experience is hugely important in attracting third-party capital, and many family offices are sitting on significant untapped value in their track records.

• Is the family office large enough to establish ownership and control of the new venture distinct from that of the family office in a manner that will satisfy Advisers Act and other regulatory considerations?
• To what extent will family principals wish to exercise governance or voting rights over the enterprise and its investment activities?
• To what extent will family principals wish to be involved in the ongoing operational oversight of investments post-acquisition?
• Will the enterprise oversee any historical investments made by the family, or will portfolio management services be limited to investments made within the new strategy or structure?
• Will the new enterprise complicate or limit the investment scope or allocation for exclusive family office investment activity?
• Which entity will employ key personnel?
• Will the new enterprise stand apart from the existing family office from an operational standpoint, or will there be any shared services or other linkages to legacy operations? For example, will the economics of the new enterprise support separate accounting, information technology and benefits services?
• Will the family’s capital be invested alongside third-party capital? If so, how will the family’s capital be treated relative to non-family capital?

• Generating better returns at lower costs;
• Taking full advantage of the deal flow being generated;
• Attracting, retaining and developing top talent; and
• Continuing to diversify investments by size, sector and time.

This piece was originally printed on May 23, 2019 in Family Capital.
Written by David Bain

May 23, 2019 - To get an insight into the evolution of the family investment model, the various private offices linked to the Pritzker family is an excellent place to start. There are many investment groups run by the extended family – one of the world’s richest – and most of them are at the forefront of the deployment of family capital in private equity, venture, and impact.

Arguably within that universe, Pritzker Private Capital (PPC) is one of the more prescient examples of this evolution. This is particularly in respect to how the Chicago-based family investment group works with third-party capital in private markets.

Set up last year as a stand-alone entity separated from brothers Tony and J.B. Pritzker’s family office, The Pritzker Group, PPC deploys the family’s capital alongside money from other families. With this pool of capital, PPC targets minority and majority stakes in middle-market companies, many of them family owned.

PPC is in many ways, a classic deployer of family capital in a patient way. But it mixes this with a team of savvy private equity investors to help it come out top in its deal-making in a competitive market.

“We saw a significant flow of opportunities,” says Paul Carbone, president and managing partner of PPC, who spoke exclusively to Family Capital.

“We were faced with the fortunate circumstance of trying to figure out how to deploy the family’s money in all the opportunities and to take full advantage of them. But we wanted to do it in a risk-managed way.”

He adds: “Today’s market is massively competitive. It’s an overcapitalized market. And even though our capital is advantaged and preferred by certain sellers, speed and certainty are critical to compete, and win in the market.”

Carbone says these factors coincided with families knocking on their door wanting to partner with the Pritzkers.

“We drew all this together and decided to bring in outside capital.” The model to do that is what Carbone calls a committed club structure.

“Families have always passed the hat, but we found that process difficult,” he says. “It was a cumbersome and a slow process and didn’t allow us to necessarily move with the speed and certainty we needed to, especially when we were doing larger deals.

“So what we decided to do is work with third-party capital and form a committed club, where, as opposed to a deal by deal approach, we created a small group of like-minded partners.”

Carbone is quick to say the structure isn’t like a typical private equity fund, where outside money is treated as limited partners.

“We emphasize the partner in this arrangement. We could have taken a lot more capital from a lot more families, but we aren’t asset gatherers. We want a club of like-minded partners who bring more than just capital; they also bring relationships.”

The Pritzker name and track record in private market investing are big reasons why other families want to co-invest with PPC. Combine this with PPC’s committed club idea and the appeal for families is strong.

But in a fiercely competitive market, those reasons might not always be enough. You also need to draw on the services of the best staff available. So the other bit of the equation for PPC is its staff, which comprise around 40 professionals.

“A staff of 40-plus people in today’s world gives us the scale, presence, and capability to compete,” says Carbone.

Like Carbone, who has a top-notch background in private equity and investment banking, many of the staff at PPC look like they’ve come from the top echelons of one of the best private equity houses.

Of course, to gather this level of expertise and experience doesn’t come cheap. And this is where the fee structure of PPC’s committed club offering kicks in.

Asked whether other family investment groups are using PPC’s co-investment model as a template, Carbone says you need to ask other family offices to find out. But there is no doubt PPC’s approach to third-party capital has its appeal, and other sizable family offices are likely to consider the model when they look to gain a more competitive edge in the market.

Of course, to work with third-party capital can open a family investment group up to a new set of challenges, as Ryan Harris, a partner at law firm Kirkland & Ellis says. “To bring in third-party capital, whether through special purpose vehicles or by offering co-investing arrangements may bring in more regulatory oversight,” he says. “It will depend on how the opportunities are structured, and the family office may or may not need to become a registered advisor.”

Harris adds many family offices are grappling with the issue of third-party capital. Some like the idea but others are more content to stay as classic single-family office structure with no outside capital.

“The issue of opening up to third-party capital is a real one for families to think through,” says Harris. “Does the family office want to take advantage of some of the benefits of using third-party capital, or do they want to maintain the holistic nature of the single-family office? And for many years, single-family offices were very distinct on their viewpoint on this – that is they weren’t interested in third-party capital,” says Harris. “But that is changing, and now there is tremendous interest in the subject.”

As that interest grows, the appeal of PPC’s committed capital approach will likely rise.

Reasons Traditional Family Investors May Seek Alternative Structures

• Limited availability of capital relative to the types of investments the family may seek. Family office investment teams only have access to the portion of family capital that is made available by the family, which can dictate investment scope and industry focus and often will restrict investment diversification. As a result, despite large amounts of family wealth, a family office may face capital constraints for making investments of a certain size (or for making a certain number of investments) and thus find itself precluded from participating in large segments of the market or in specific investment opportunities where it sees strong potential for favorable returns. The ability to broaden investment opportunities and move up-market based on a family office’s analysis of where prospects for outsized returns exist can be very attractive.
• Required pace of capital deployment. Family offices are often forced to pace investments over a period of time so as not to overcommit available capital. This can similarly strain the strategic investment initiatives of the office and its ability to execute on opportunities as they arise.
• Reliance on a certain few strategic relationships and narrow focus on co-investing. Due in part to capital constraints, family offices rely heavily on co-investing, as opposed to control investing, depending in many cases on a few key relationships for investment opportunities instead of more traditional investment sourcing channels (e.g., investment banking relationships), which channels tend to overlook family offices as a result. Accordingly, passive co-investments or minority investment positions can compose an outsized portion of a portfolio, which often results in a family paying fees and carry on top of the family office expenses.
• Limited revenue stream to competitively compensate an investment team. A family office pays expenses and salaries out of the same capital used for investments, which can make it difficult to support a broader investment platform and build out a team with full investment and administrative capabilities that will be competitive in the broader private equity markets.
• Increasing competition from long-term hold funds. The proliferation of long-term hold private equity funds has eroded a historically distinct benefit (namely, the application of a long-term growth strategy with respect to a specific investment) that family offices (as opposed to traditional private equity funds) could offer to a founder seller seeking a new partner. This dynamic can result in a family office losing a competitive edge in the broader private equity markets, and adopting an alternative family office structure to utilize outside capital can be helpful to “relevel” the playing field.
• Opportunity. Some families may not find any of the foregoing constraints to be a significant or primary concern. Instead, such families may have built a strong track record of investing and assembled a highly experienced team and now have the ability to utilize those assets to expand the platform. Years of successfully investing family wealth can generate a new and valuable opportunity separate from the returns earned over those years — the opportunity to market the investment platform based on prior performance to third-party investors. Such an opportunity may align well with the investment team’s desire to stretch their capabilities and step out of the box within which they have been traditionally operating.
• A family office that is seeking to overcome existing limitations, expand upon prior success or seize opportunities may consider creating or evolving into a new, alternative family capital structure.

Alternative Family Capital Structures

Benefits and Other Considerations – Alternative Family Capital Structures

• Outside capital broadens the scope and amount of potential investments, and also provides possible flexibility around timing of deployment.
• Third-party investor base can increase strategic relationships and partners that can result in expanding potential investment opportunities or a network of industry experts to bolster investment and value-creation capabilities.
• Fee income supports compensation for the investment team and other operational costs.
• Any profit sharing (e.g., carried interest) incentivizes the investment team, helps attract future investment professionals and, in some instances, provides additional income to the family.
• Investor-facing business increases name recognition and goodwill, potentially generating more deal flow while diversifying the family business.

• Regulatory compliance requirements that come with managing outside capital must be reviewed. This includes potentially registering with the SEC as an investment adviser and complying with all aspects of that regime (such as filings and implementing controls, policies, reporting, etc.). It is unlikely that a family office will have a full team in place to effectively manage such a regulatory undertaking as well as any additional administrative burdens of managing the vehicle, and many offices will need to hire additional personnel to fully support managing third-party capital and ensure sufficient resources are available.
• Compensation for the investment teams required to manage and invest additional outside capital will need to be reviewed and likely increased and/or restructured.
• Some families may be sensitive to opening up their family office to external investors and  regulatory/tax scrutiny. That said, there are certain structuring options that may eliminate, or at least significantly mitigate, such issues and create meaningful separation between the internal family office operations and the external investment management business.
• Families may lose some control by involving third-party investors. For example, some traditional institutional investors may seek concentration limits, geographic restrictions, hold period limits or termination rights. Again, careful advance consideration and planning can mitigate these concerns and lead to structures and terms that benefit both the family and its outside capital providers.

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