SK Capital-backed IPackChem Group acquired a majority stake in TPG Plastics, a leading manufacturer of engineered plastic blow-molded products.
WHO: From its state-of-the art manufacturing facility in Murray, Kentucky, TPG Plastics is a premier supplier of portable fuel containers and engineered blow-molded products. TPG has industry-leading expertise in the highly regulated portable fuel container market.
Founded in 1987, IPackChem is a leading global supplier of innovative and specialized barrier packaging solutions. Their market positions are further underscored by its strong sustainability orientation and 100% recyclable plastic barrier packaging. The manufacturer has facilities across Europe, the UK, China, India, Brazil, and South Africa.
WHY: This deal fulfills IPackChem’s vision of producing specialized barrier containers on every major continent for its multinational customers.
IN THEIR OWN WORDS: JP Morvan, founder and CEO of IPackChem, commented, "We are extremely excited to partner with TPG Plastics, which has established a high-quality business, and look forward to producing our Advanced IMF barrier packaging in their world-class plant, ideally located in Murray. This transaction is an important step for IPackChem to deliver on our promise to serve our international customers from a truly global manufacturing footprint. We plan to supply the North American crop protection market as of the 2023-2024 season, while continuing to expand TPG's existing customer base. IPackChem's presence in Murray will also open opportunities to expand our offering to other customers in Life Enhancing Chemical segments, including those we currently serve on other continents."
Saquib Toor, Founding Partner of Beaconhouse Capital Management, majority owner of TPG said, "IPackChem is the ideal partner for TPG to support its next phase of growth. We are excited by JP's commitment to not only grow TPG's existing customer base and end-markets, but also to invest in our Murray facility to launch IPackChem's innovative barrier technology to North America to serve the attractive crop protection market. The TPG management team looks forward to working with IPackChem to bring this vision to fruition."
Stephen d'Incelli, Managing Director at SK Capital Partners, added, "When we partnered with JP and the IPackChem team, we were excited about the unique opportunity to leverage their best-in-class barrier technology to support the company's continued global expansion. Following IPackChem's 2021 acquisition in India, this partnership with TPG represents a critical step in achieving this objective in the highly attractive North American market."
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