Packaging Concepts Acquired by Employees
ButcherJoseph & Co. (“ButcherJoseph”) served as exclusive financial advisor to Packaging Concepts, Inc. (“PCI” or the “Company”) on a sale to its employees. PCI is a manufacturer of flexible packaging and custom-folded paperboard packaging based in St. Louis, MO. PCI has an established track record as a packaging provider for consumer-packaged goods and specialty food service end markets. PCI is a manufacturer of microwave popcorn bags and a manufacturer of theater concession packaging. The transaction closed on October 10th, 2023.
A family business at its roots, PCI was founded in 1972 in Lake Geneva, Wisconsin by Joseph F. Irace and relocated to St. Louis in 1982. Today, PCI serves a global customer base consisting of cinemas, quick-serve restaurants, personal care companies, food and beverage manufacturers, stadiums, arenas, and more. Over its 50-year operating history, the Company has developed a reputation for its best-in-class manufacturing capabilities and value-add customer service. PCI’s diverse employee base will carry the Company’s legacy forward as the new owners of the business.
Packaging Concepts’ second-generation owner and current CEO, John Irace, commented on the transaction, “Our dedicated and long-tenured team has been the lifeblood of our company. It’s only fitting that we transition ownership of PCI to our employees to carry on the legacy of innovation, efficiency, and customer satisfaction that made us a market leader today.”
PCI’s COO and second-generation owner, Anthony Irace, stated, “Since our father started the business over 50 years ago, our company has remained committed to going above and beyond to ensure every product we roll out meets the PCI standard of excellence. PCI was built on a commitment to delivering quality products in a timely manner and exceeding the expectations of our customers. A sale to an ESOP ensures that our core values and culture remain intact, while rewarding the employees who helped us build the company by providing them the opportunity to benefit from future value creation.”
ButcherJoseph & Co. Vice President Tristan Tahmaseb commented, “PCI was an excellent candidate for employee ownership given the company’s focus on its employees, legacy and culture. The ESOP transaction preserves the Company’s legacy, and positions PCI for long-term growth and continued success.”
The preceding press release was provided by a company unaffiliated with Packaging Impressions. The views expressed within do not directly reflect the thoughts or opinions of the staff of Packaging Impressions.