Pritzker Group Private Capital today announced that it acquired Chicago-based LBP Manufacturing, Inc., a leading global producer of innovative, sustainable food and beverage packaging.
Pritzker Group Private Capital is acquiring LBP from Barry Silverstein. Barry, who took over the company from his father Len Silverstein, used a combination of product innovation, customer knowledge, leading production capabilities and strategic marketing to grow LBP into a market leader in sustainable food and beverage packaging.
LBP Manufacturing combines innovation in material science, equipment and converting technology to develop customer-preferred, sustainable, on-the-go packaging. The Company’s patented product portfolio includes Coffee Clutch® hot cup sleeve, Beverage on the Move™ insulated beverage to-go carrier and THERMO GRIP™ double-wall hot cups, in addition to a variety of unique catering trays, clamshells and other containers. LBP maintains a global operating footprint, with facilities in the U.S., Poland, and China.
Under the company’s new ownership, Matt Cook, LBP’s chief executive officer, will remain a significant shareholder and will lead the company going forward.
“With a growing portfolio of patented products and a world-class innovation team, LBP is poised to expand its leadership position in the global food and beverage packaging market,” said Michael Nelson, Pritzker Group Private Capital investment partner.
“At Pritzker Group we look to work with business owners and industry-leading entrepreneurs like Barry Silverstein who seek liquidity while also looking to preserve their corporate legacy,” said J.B. Pritzker, managing partner at Pritzker Group. “We are honored to carry on LBP’s innovative, customer-centric culture and thrilled to partner with Matt Cook and his management team to help continue the company’s strong record of growth.”
“We are continually looking for opportunities to create innovative products for our customers, and having a partner with the reach, long-term perspective and financial resources of Pritzker Group gives us a very special platform for growth,” Cook said. “We look forward to expanding the business and working together for many years to come.”