Specialized Packaging Group Completes Acquisition of Complete Packaging

SPG Continues Expansion of Capabilities and Footprint with Addition of Midwestern Engineered Packaging Solutions Provider

Monroe, MI – Specialized Packaging Group (SPG), a leading, vertically integrated provider of protective packaging products, today announced the acquisition of Monroe, Michigan-based Complete Packaging (Complete), a portfolio company of the Spell Family Office. Complete provides custom-designed packaging solutions for a diverse array of end markets, including automotive, heavy truck, energy, aerospace, defense, heavy equipment, and general industrial.

SPG, one of the largest independent protective packaging manufacturers in North America, is a portfolio company of Altamont Capital Partners. The acquisition will enhance SPG’s existing capability set by expanding the company’s engineered packaging offerings and geographic reach while adding approximately 90 employees to its 1,600-person workforce. Complete’s leadership and full workforce will continue to operate in their current locations in Detroit and Monroe, Michigan.

“The addition of Complete Packaging to our rapidly expanding team means we will be adding industry-leading custom engineered packaging capabilities to an operation that is already world class. Complete has been a go-to provider of protective packaging solutions for over 40 years,” said SPG CEO Paul Budsworth. “We are also excited to strengthen our presence in the Detroit-area and Midwest markets, allowing us to better serve our customers. We are looking forward to bringing the Complete Packaging team fully on board and integrating them into a footprint that extends across North America and provides high-quality packaging solutions to a diverse customer base.”

“Over the last several years, Complete Packaging has grown rapidly by focusing on highly engineered, multi-substrate packaging solutions that enable our customers to reliably transport their most sensitive, mission-critical products,” said Complete Packaging President & CEO Gregg Reau. “With SPG, we have found a partner that shares our vision and has the resources to accelerate our growth plans in new and existing markets. The Complete team is thrilled to join SPG, and we look forward to taking our combined business to the next level.”

TD Cowen acted as financial advisor to Complete Packaging. Morrison & Foerster LLP acted as legal counsel to SPG.

About Specialized Packaging Group
Specialized Packaging Group, Inc. is a vertically integrated provider of protective packaging products and one of the largest independent manufacturers of protective packaging in North America. The company operates under three divisions: IVEX, Packaging Concepts & Design (PCD), and ProtecPac. IVEX manufactures a range of packaging materials at six facilities across the U.S., Canada and Mexico, PCD is a leader in the design and delivery of highly engineered packaging products and solutions, and ProtecPac designs and manufactures customized packaging solutions at ten facilities in the U.S. and Mexico. For more information, visit https://spg-ges.com/.

About Complete Packaging
Complete Packaging is a leader in the design and fabrication of highly engineered multi-substrate protective packaging solutions. Founded in 1979, Complete provides design and fabrication expertise and superb service to companies located throughout the Midwest, primarily serving the automotive, heavy truck, energy, aerospace, defense, heavy equipment, and general industrial end markets. Its innovative approach to packaging provides customers with custom solutions and lightning-fast delivery throughout their supply chains. For more information, visit https://completepkg.com/

About Altamont Capital Partners
Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with more than $4.5 billion of assets under management. Altamont is focused on investing in middle market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential. The firm’s principals have significant experience building business success stories across a range of industries, including consumer, restaurants and multi-unit, financial services, healthcare, industrials, and business services. For more information, visit www.altamontcapital.com.