P&M Corporate Finance (PMCF) is pleased to announce that it served as exclusive financial advisor to Progressive Plastics, Inc. (Progressive) in its sale to Alpha Packaging (Alpha). Based in Cleveland, Ohio, Progressive is a leading blow molder and decorator of plastic bottles and containers primarily for the personal care, auto care, housewares, and food markets. Alpha, headquartered in St. Louis, Missouri, is a leading manufacturer of HDPE and PET bottles for the nutritional supplement, pharmaceutical, and personal care industries ranked among the largest 25 blow molders in North America by Plastics News. Alpha employs approximately 525 people at six facilities in the United States and one plant in Europe and is majority owned by Irving Place Capital, a private equity firm.
Progressive has established a reputation in the industry for being a nimble, flexible, and reliable supplier of PET and HDPE packaging, and also manufactures some polypropylene and PVC items. The Company’s facility in Cleveland features technologies including Extrusion Blow Molding (EBM), Injection Blow Molding (IBM), Single Stage Injection Stretch Blow Molding (ISBM) and Two-Stage Stretch Blow Molding (also called Reheat and Blow, or RHB). Progressive also manufactures preforms on state of the art injection molding equipment to support its RHB operation or to sell preforms directly to end users. The Company will begin operating as a branch of Alpha effective immediately and operations will continue to be run by Progressive’s experienced executives and employees.
Progressive’s shareholders selected PMCF’s Plastics & Packaging Group to serve as their financial advisor due to PMCF’s deep industry expertise and long-term transaction planning approach. “We were very impressed with John Hart and the PMCF Plastics & Packaging team and would highly recommend them to any plastics and packaging company that is considering a transaction” said Tony Busa, CEO and shareholder of Progressive Plastics.