Alpha Packaging to Be Acquired by Irving Place Capital

Irving Place Capital (IPC) is announcing that it has agreed to purchase Alpha Packaging (St. Louis, MO), a blow molder of plastic bottles and jars for the nutraceutical, pharmaceutical, and personal care markets. The transaction is expected to close in September of 2010.

Alpha Packaging manufactures plastic bottles and jars at five U.S. manufacturing facilities and has a new plant in the Netherlands. The company’s Technigraph division provides container decorating services to personal care brands.

Stonebridge Partners (White Plains, NY) previously grew Alpha with significant capital investments that tripled the company in size during their investment period. Dave Spence, President and CEO of Alpha, said in a press release: “I am enormously proud of the business we have grown over the last 25 years and excited about the bright future that we have in front of us with Irving Place Capital. We are constantly looking for ways to support our customers’ growth by offering new products and technologies. We are committed to making our network of distributors and direct customers more competitive through additional investments in our existing operations and the completion of add-on acquisitions.”

COO Dan Creston added in the release: “Alpha’s growth strategy will be accelerated when the company is recapitalized. Having IPC as an equity investor will allow us to continue our growth and make even larger acquisitions than those that we have made in the past.”

Phil Carpenter, a Senior Managing Director at Irving Place Capital, said in the release: “Alpha is an excellent platform for growth and is a great complement to our packaging portfolio. The company has a strong position in attractive end-markets, and we look forward to working closely with Alpha’s management team to further expand the business.” 

IPC’s other investments in packaging include Multi Packaging Solutions, Inc., Chesapeake Corporation, and Mold-Rite Plastics, Inc. Under the agreement with IPC, Alpha’s top management team will stay in place. Dave Spence will remain as Alpha’s President and CEO. Upon transaction close, Dan Creston will oversee all acquisition integration as the Executive Vice President of Corporate Development. Mike DeFazio, who currently serves as Vice President of Operations, will become Chief Operating Officer. Alpha’s Chief Financial Officer, Gary Seeman, and its Executive Vice President of Sales, Jack Baily, will remain in their positions.

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