GRAND RAPIDS — Food packaging manufacturer Performance Systematix Inc. (PSI) has kicked off the new year under new ownership.
Last week, Naperville, Ill.-based packaging supplier Selig Group announced that it has completed its acquisition of PSI. The Selig Group is a portfolio company of CC Industries Inc., a Chicago-based privately held investment firm.
PSI was established in 1984 and headquartered at 5569 33rd St. SE in Grand Rapids. The company specializes in vented packaging solutions.
Featuring a variety of proprietary materials, PSI creates solutions that are ideal for products that experience off-gassing, pressure changes, handling variability and temperature changes, ensuring that they do not collapse.
PSI packaging solutions are used for goods that include household and industrial cleaners, consumer packaged goods, agricultural chemicals, medical equipment and petrochemicals.
“Selig is an ideal partner to support PSI’s team in its next phase of growth,” PSI President Glenn Dunn said in a statement. “This is a highly strategic combination which expands both companies’ product lines, enabling us to provide a more comprehensive solutions offering for customers globally. We will continue to focus on the innovative, high quality products and the exemplary service our customers rely upon.”
PSI will now operate as a subsidiary of Selig Group and maintain its Grand Rapids operations.
Wheaton, Ill.-based Huck Bouma PC served as legal counsel to Performance Systematix, which was advised by investment banking firm Stout. Chicago-based Gould & Ratner LLP advised Selig and CC Industries on the deal.
Terms of the deal were not disclosed.
News coverage in the manufacturing section of MiBiz is made possible by advertising support from The Michigan Economic Development Corporation. MEDC markets Michigan as the place to do business, assists businesses in their growth strategies and fosters the growth of vibrant communities across the state. This advertisement has no effect on editorial consideration in MiBiz.