July 31--Pritzker Group announced Friday that it has acquired Addison-based PLZ Aeroscience, a leading specialty aerosol product manufacturer, from private equity firm Olympus Partners.
Terms of the deal were not disclosed.
Founded in 1947, PLZ makes and distributes more than 2,500 branded and private-label aerosol products including industrial solvents, insecticides, air fresheners and personal care products. The company has five plants in North America, including two in Missouri and three in the Toronto area. There are 850 employees, including 65 in the suburban Addison headquarters, a spokesman said.
The company sought out Chicago-based Pritzker Group as an investment partner. The PLZ management team will remain a significant shareholder and continue to lead the company.
"We sought out Pritzker Group as our preferred partner because of their focus on investing in their companies and building businesses for the long-term," John Ferring, PLZ chairman, said in a statement. "The Pritzkers' specialized approach to working alongside entrepreneur- and family-owned companies is a perfect fit for us. This new partnership will give us the stability and strength to grow over time."
PLZ Aeroscience is the third acquisition in two months for Pritzker Group.
Connecticut-based private equity firm Olympus Partners bought PLZ in 2011, bolstering it with three acquisitions while expanding its direct retail business and entering the personal care market.
rchannick@tribpub.com
