The transaction closed Feb. 16 for an undisclosed price. Pack Logix also simultaneously acquired the contract packaging and fulfillment business from Milwaukee packaging firm PAX Holdings LLC, an investor in the Spectrum transaction, and will integrate those operations into its Milwaukee facility. Milwaukee private equity firm PS Capital Partners LLC also has become a Pack Logix equity partner through this transaction, and will help it seek additional packaging acquisitions, mergers and alliances.
Selmer, Tennessee-based Spectrum Corp. is a division of Phillips 66, which the mega energy manufacturing and logistics company acquired in 2014. It blends, packages and markets specialty lubricants including two-cycle engine oil, small engine oil and hydraulic oil for an international client base, primarily in the outdoor power equipment/lawn and garden market. Spectrum has 24 employees at the 40,000-square-foot Waukesha facility, all of whom will be retained by Pack Logix.
Pack Logix is a diversified contract packager, packaging distributor, fulfillment and logistics firm with an international client base. It offers tube filling, skin/blister/clamshell packaging and kitting for the industrial, household, automotive, health care, pharmaceutical and personal care markets. Its headquarters is at an 80,000-square-foot plant at 2501 W. Hampton Ave. in Milwaukee, and the company is owned by Bruce Moncrieff. It had 16 employees prior to the acquisition.
With the acquisition of the Spectrum plant, Pack Logix will expand its capabilities to include high-speed lubricant and chemical filling.
“We are excited about the additional services we can offer our existing and new customers as we continue to service the increasing demand for contract packaging and value-added services, such as sourcing, packing, warehousing and direct distribution,” said Moncrieff, chief executive officer of Pack Logix.
Pack Logix plans to hire another three to four employees in Waukesha, and another four to six employees in Milwaukee to take on some of the new work, Moncrieff said.