ST. LOUIS — Specialty food packaging supplier Anchor Packaging LLC has been acquired by the Jordan Co., a private-equity firm, as part of a new strategic growth plan for the container manufacturer.
Although Jordan has become the primary investor in Anchor, the Hermann family—who has owned Anchor for nearly six decades—will keep partial ownership in the company.
“Anchor has achieved outstanding organic growth, tripling its revenue in the past 15 years,” said Jeffrey Wolff, president and CEO of Anchor Packaging. “Now, we are talking about transformative growth—broadening our geographic reach through additional manufacturing facilities, new and complementary product lines to better serve our customers and new materials to offer our customers a broader set of solutions.”
The companies said they expect the acquisition to close in July 2019, subject to customary conditions.
“Anchor has been, and continues to be, a family business,” said Robert Hermann Jr. “We are excited to partner with the Jordan Co. to help fuel Anchor’s continued growth and increase our trajectory. The Jordan Co. possesses many of the same values, ethics and long-term orientation that has been a hallmark of Anchor.”
Founded in 1982, the Jordan Co. manages funds with original capital commitments in excess of $8 billion. The New York-based company invests in businesses across a variety of industries, including aerospace and defense, building products, electric motors and controls, equipment rental, industrial safety and controls, chemicals, consumer products and distribution.
“We are thrilled to be partnering with the Anchor management team, alongside the Hermann family, to support the company’s enhanced growth plans,” said Mike Denvir, partner for the Jordan Co. “Anchor is a best-in-class sustainable packaging business, servicing a world-class customer base. We plan to invest further in the business to support organic growth and continued new product development.”
St. Louis-based Anchor Packaging manufactures plastic packaging for the foodservice retail and food processor industries. Its products include Crisp Food Technologies containers, Safe Pinch Tamper-Evident containers and packaging for takeout and ready-to-heat meals. The company was founded in 1963.