C-P expands into high growth meal solutions markets with new specialty flexible films, containers and turnkey systems with the acquisition of Preferred Packaging.
Today, we announced the acquisition of privately held Sycamore Sales, Inc. d.b.a. Preferred Packaging located in Norcross, Georgia. Preferred Packaging is a manufacturer of multilayer flexible films, thermoformed containers and a supplier of tray sealing equipment for meal solution providers and school systems. C-P is a long-standing portfolio company of First Atlantic Capital, a New York based private equity firm. Terms of the transaction were not disclosed.
This acquisition provides C-P with significant expertise in refrigerated and frozen prepared meal packaging systems including barrier and breathable flexible rollstock and sealing equipment, as well as expanded geographic reach in the Southeast United States. Preferred Packaging brings a variety of manufacturing capabilities including flexographic printing, laminating, slitting, mechanical macro perforating and micro laser perforating as well as thermoforming. Primary markets are prepared meals, value-added produce and processed meats. The company distributes nationally through a network of salespeople and independent sales representatives.
“We are excited to welcome the Preferred Packaging employees and customers to the C-P organization. We saw during the pandemic a significant increase in demand for centrally processed meal solutions to help address food safety concerns and believe this trend will continue. Additionally, our perimeter of the store growth strategy will be enhanced with Preferred Packaging’s capabilities and exclusive technologies.” said Mike Hoffman, CEO of C-P.
According to Rick Ivy, President of Preferred Packaging, “We have been dedicated to providing solutions for our loyal customers since the day we started our company 27 years ago. Our turnkey approach has been very successful. We are looking forward to joining the C-P team and offering our customers continued innovations with new expanded capabilities”.
“The addition of Preferred Packaging to the C-P portfolio significantly strengthens our capabilities to serve the processed food market while continuing to expand our geographical footprint and adding new market offerings to our diverse mix of products”, stated Roberto Buaron, Chairman of First Atlantic Capital.
Emilio Pedroni, Managing Director of First Atlantic Capital stated, “The acquisition of Preferred Packaging shows our commitment to continuing to expand our North American footprint with a diversified portfolio of products. The markets that Preferred Packaging services will expand our reach into new sales channels”.