The Global Mid-Market Specialist
Boston – Alantra, a leading global investment bank and asset management firm, is pleased to announce the sale of Packaging Progressions, Inc. (Pacproinc) to The Middleby Corporation (NASDAQ: MIDD), a global leader in the foodservice equipment industry. Alantra served as exclusive financial advisor to Pacproinc on this transaction, which closed on July 15, 2019 for an undisclosed value.
Based in Souderton, Pa., Pacproinc is a leading manufacturer and provider of specialized, automated packing technologies for food processing and food service companies within the global protein and bakery sectors. Proprietary solutions include the equipment for interleaving, underleaving, counting, stacking and card dispensing, the related packing materials and replacement parts & service.
“We are thrilled we could advise on the sale of Pacproinc to Middleby,” said Paul Colone, Managing Director & Partner with Alantra. “Pacproinc is a very attractive business and we are proud of the competitive process and successful outcome. Our client sought a partner to help them accelerate their very significant domestic and international growth potential and Middleby has a proven track record of success in this regard,” he concluded.
Chris Donegan, Managing Director with Alantra, added, “Pacproinc offers a differentiated automation solution for protein and bakery customers that increases uptime and processing speeds, reduces labor costs and requirements, and improves food and employee safety. We continue to see significant demand for automation-related businesses in food processing and packaging as well as other industrial markets and this transaction adds to our rapidly growing list of successful transactions for our Industrial Automation & Machinery sector practice.”
The Alantra transaction team included Mr. Colone, Mr. Donegan, Mike O’Connell (Vice President), Andre Silva (Analyst) and Tim Orie (Analyst), all with the firm’s Boston office
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