Family Owners Sell Flexible Packaging Company to Its Employees

A second-generation family-owned flexible packaging company based in Missouri recently agreed to sell the business to its employees.

Founded in 1972 in Wisconsin before relocating to St. Louis in 1982, Packaging Concepts Inc. (PCI) makes flexible packaging and custom-folded paperboard as well as microwave popcorn bags and theater concession packaging, according to a news release from ButcherJoseph & Co., a boutique investment banking firm that served as the financial adviser in the transaction.

Terms of the deal, which is known as an employee stock ownership plan (ESOP), were not disclosed.

“Our dedicated and long-tenured team has been the lifeblood of our company,” said John Irace, Packaging Concepts’ second-generation owner and CEO, in a statement. “It’s only fitting that we transition ownership of PCI to our employees to carry on the legacy of innovation, efficiency, and customer satisfaction that made us a market leader today.”

Tristan Tahmaseb, ButcherJoseph & Co. vice president, says PCI was an excellent candidate for an ESOP given its history and culture. “The ESOP transaction preserves the company’s legacy and positions PCI for long-term growth and continued success,” Tahmaseb said in a release.