In July LBP Manufacturing, best known as the exclusive maker of Starbucks hot cup sleeves, was acquired by Pritzker Group Private Capital, the private equity division of the multi-billion dollar Chicago investment firm owned by Tony and J.B. Pritzker.
LBP, based in Cicero, Ill., with manufacting facilities in China and Poland, also manufactures UpShot single-serve capsules, hot cups, insulated cardboard containers for coffee, clamshells, and catering supplies.
Terms of the deal were not disclosed but the company is expected to continue its expansion plans with the additional resources made available by Pritzker.
Barry Silverstein, 64, is stepping down as c.e.o., a position filled by president Matt Cook, 45. Cook and a group of managers will hold a minority ownership stake in the business. LBP employs 750, mainly in Chicago.
“We are continually looking for opportunities to create innovative products for our customers and having a partner with the reach, long-term perspective and financial resources of Pritzker Group gives us a very special platform for growth,” said Cook, “We look forward to expanding the business and working together for many years to come.”
Learn more at: www.lbpmfg.com.