It appears the assorted business activities of US-based Pregis (Deerfield, Illinois; www.pregis.com) are heading off into different directions. US owner AEA Investors (New York, New York; www.aeainvestors.com) plans to sell the protective wrapping producer’s North American business up the road to private equity specialist Olympus Partners (Stamford, Connecticut; www.olympuspartners.com) for an undisclosed sum. The deal is scheduled to be finalised by the end of May. Pregis has 14 locations across the US and a plant in Mexico. Pregis has been owned by AEA Investors since 2005.

“Olympus Partners looks for enterprises that have established a leading market position and have a strong management team. We believe that such companies will enjoy greater long-term value creation and generate superior investment returns. Pregis meets those criteria and we are pleased to add the company to our diverse investment portfolio,” said Manu Bettegowda, a partner at the Connecticut company, adding, “Pregis is well positioned for growth with innovative solutions, expanding markets and solid channel partnerships.”

The company’s current management team, led by Kevin Baudhuin, president and chief executive officer, is to continue under Olympus ownership.

The future of the company’s European business remains unclear for the time being. "More news will follow," was the response given by a spokeswoman for the company when Plasteurope.com contacted Pregis. The company has seven production sites in Europe including Germany (Bopfingen), Belgium, the UK, Poland, Romania, Czech Republic and Hungary with a total of around 1,000 employees. A production plant in France was shuttered in 2013.