Private equity firm Endeavour Capital has made an undisclosed investment in food and beverage container maker Pacific Market International LLC (PMI). The target is going to use the proceeds from Endeavour to fund its acquisition of houseware distributor Formation Brands LLC.
“We are pleased to become a partner with Endeavour and to further broaden PMI’s global profile through access to additional growth capital and strategic resources,” says PMI CEO Rob Harris.
San Francisco-based Formation Brands, founded in 1994, makes houseware gift collections such as coffee mugs, glasses and bar accessories that are sold in retailers. PMI, located in Seattle, manufactures food and beverage containers under the Stanley, Aladdin and Migo brands. Financial terms on the Formation deal were not disclosed.
Endeavour identifies itself as a long-term (five to 10 years) investment firm that puts in $25 million to $100 million in equity in businesses that have up to $50 million in Ebitda. The firm has offices in Seattle, Portland, Los Angeles and Denver. Some of Endeavour’s other investments in the consumer sector include grocery store operators Bristol Farms and New Seasons Market and women’s apparel company Johnny Was. Robert W. Baird advised PMI and Cascadia did the same for Formation Brands.
In other recent container-related deals: Carr Management Inc. acquired Hillside Plastics; Graphic Packaging Holding Co. (NYSE: GPK) bought Walter G. Anderson Inc.; and WestRock Co. (NYSE: WRK) added Cenveo Inc.’s (NYSE: CVO) packaging division.