July 14--Pritzker Group Private Capital has bought a Cicero-based packaging manufacturer whose clients include Starbucks, McDonald's and Dunkin' Donuts.
The Chicago-based investment firm is buying LBP Manufacturing, which has about 750 local workers, from Barry Silverstein, who took over ownership of the company from his father, Len Silverstein.
Terms weren't disclosed.
LBP's patented products include Coffee Clutch hot cup sleeves, Beverage on the Move insulated boxes, and Thermo Grip double-wall hot cups. It has facilities in the United States, Poland and China. Its biggest manufacturing plant is in Cicero.
Matt Cook, LBP chief executive officer, will remain a shareholder and will continue to lead the company. In a news release, he said "having a partner with the reach, long-term perspective and financial resources of Pritzker Group gives us a very special platform for growth."
With an expanding lineup of patented products, "LBP is poised to grow its leadership position in the global food and beverage packaging market," said Michael Nelson, investment partner in Pritzker Group Private Capital, which typically focuses on manufacturers and service and health care companies with $100 million to $500 million in revenue.
Its other holdings include Entertainment Cruises, Clinical Innovations and Milestone AV Technologies.
Pritzker Group, which also has a venture capital arm that invests in earlier-stage companies, regularly looks for business owners and entrepreneurs "like Barry Silverstein who seek liquidity while also looking to preserve their corporate legacy," J.B. Pritzker, managing partner at Pritzker Group, said in a statement. He cited LBP's "strong record of growth."
byerak@tribpub.com
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