CHICAGO--(BUSINESS WIRE)--Pritzker Group Private Capital today announced that it acquired Chicago-based LBP Manufacturing, Inc., a leading global producer of innovative, sustainable food and beverage packaging.
Pritzker Group Private Capital is acquiring LBP from Barry Silverstein. Barry, who took over the company from his father Len Silverstein, used a combination of product innovation, customer knowledge, leading production capabilities and strategic marketing to grow LBP into a market leader in sustainable food and beverage packaging.
LBP Manufacturing combines innovation in material science, equipment and converting technology to develop customer-preferred, sustainable, on-the-go packaging. The Company’s patented product portfolio includes Coffee Clutch® hot cup sleeve, Beverage on the Move™ insulated beverage to-go carrier and THERMO GRIP™ double-wall hot cups, in addition to a variety of unique catering trays, clamshells and other containers. LBP maintains a global operating footprint, with facilities in the U.S., Poland, and China.
Under the company’s new ownership, Matt Cook, LBP’s chief executive officer, will remain a significant shareholder and will lead the company going forward.
“With a growing portfolio of patented products and a world-class innovation team, LBP is poised to expand its leadership position in the global food and beverage packaging market,” said Michael Nelson, Pritzker Group Private Capital investment partner.
“At Pritzker Group we look to work with business owners and industry-leading entrepreneurs like Barry Silverstein who seek liquidity while also looking to preserve their corporate legacy,” said J.B. Pritzker, managing partner at Pritzker Group. “We are honored to carry on LBP’s innovative, customer-centric culture and thrilled to partner with Matt Cook and his management team to help continue the company’s strong record of growth.”
“We are continually looking for opportunities to create innovative products for our customers, and having a partner with the reach, long-term perspective and financial resources of Pritzker Group gives us a very special platform for growth,” Cook said. “We look forward to expanding the business and working together for many years to come.”
About Pritzker Group
Pritzker Group, led by Tony and J.B. Pritzker, has three principal investment teams: Private Capital, which acquires and operates leading North America-based companies; Venture Capital, which provides early-stage and growth venture funding to technology companies throughout the United States; and Asset Management, which partners with top-performing investment managers across global public markets.
Pritzker Group Private Capital acquires North America-based middle-market companies with leading positions in the manufactured products, services and health care sectors. The firm’s permanent, proprietary capital base allows for efficient decision making, broad flexibility with transaction structure and investment horizon, and alignment with management teams focused on creating long-term value. Pritzker Group brings significant resources, expertise and credibility in building businesses and is an ideal partner for entrepreneur- and family-owned companies. For more information, visit pritzkergroup.com.
About LBP Manufacturing
Chicago-based LBP Manufacturing, Inc. combines innovation and performance to develop consumer-preferred, sustainable, on-the-go packaging. LBP harnesses innovation in material science, equipment and converting technology to meet the varying demand of consumer packages for its customers. LBP is widely known for its hot beverage solutions such as the original Coffee Clutch® hot cup sleeve, Beverage on the Move™ insulated beverage to-go carrier and THERMO GRIP™ double-wall hot cups. For more information, visit lbpmfg.com.