Phoenix-based Packaging Specialists Inc Southwest, a maker of foam and wood protective packaging products, has secured an undisclosed amount of funding. The investors were O2 Investment Partners and Packaging Concepts & Design.
PHOENIX, AZ–(Marketwired – July 17, 2017) – O2 Investment Partners (“O2”) and Packaging Concepts & Design (“PC&D”) announced today their investment in Packaging Specialists, Inc. Southwest (“PSI”), partnering with President Patrick Coveney to continue growing the business. Terms of the investment were not disclosed.
Established in 1976, PSI is a leading designer and manufacturer of custom engineered foam and wood protective packaging products to major industrial manufacturers throughout the Southwestern United States. Headquartered in Phoenix, Arizona, PSI provides packaging systems and solutions to customers in the Aerospace, Defense, Electronics, and Semi-Conductor industries, among others.
Joseph Gumbis, CEO of Packaging Concepts & Design commented, “the acquisition of PSI is highly complementary to PC&D’s extensive design and engineering capabilities.” Noting further, “The combination of PSI and PC&D provides a great opportunity for growth in the Southwestern U.S. market. We look forward to working with Patrick Coveney and the PSI management team to execute on the exciting opportunities that the combination of our two companies brings.”
Patrick Coveney, President of Packaging Specialists, Inc. Southwest commented, “PC&D provides a great strategic fit for PSI and we believe our partnership with them will accelerate our growth trajectory. The combined capabilities going forward will bring a lot of extra value to our customers.”
Jay Hansen, Managing Partner of O2, added, “PSI is a highly regarded packaging supplier and Patrick Coveney is highly respected within the packaging industry. We are very excited about partnering with the PSI team to enhance our collective design, engineering, and product capabilities to serve the broader geographic and industry end markets of the combined businesses.”
About O2 Investment Partners:
O2 Investment Partners is a Midwestern based private equity firm that seeks to acquire a majority interest in middle market manufacturing, technology, niche distribution and select services businesses. The firm invests in businesses with earnings growth potential and a clear path to the creation of shareholder value.
About Packaging Specialists, Inc. Southwest:
Packaging Specialists, Inc. Southwest is a premier designer and manufacturer of custom engineered protective packaging products and solutions to leading industrial manufacturers throughout the Southwestern United States. PSI was founded in 1976 and is headquartered in Phoenix, Arizona.
About Packaging Concepts & Design:
Packaging Concepts & Design is a leader in the design and delivery of highly engineered packaging solutions for global Tier 1 automotive suppliers and OEMs. It also serves the heavy truck, energy, construction equipment, consumer, and food/beverage markets. The company is the supplier of choice for the industry’s most complex packaging requirements including design, engineering, sourcing, integrated packaging, program management, assembly and logistics. PC&D was founded in 1914 and is headquartered in Troy, Michigan.