The Sterling Group (“Sterling”), a US-based middle market private equity firm, has entered into a definitive agreement to acquire Precision Concepts International, LLC (“PCI”), a leading provider of specialty rigid packaging solutions, from ONCAP, the lower mid-market private equity platform of Onex Corporation. Sterling will partner with existing PCI investors, including ONCAP and management, to support PCI’s continued growth.

Headquartered in Huntersville, North Carolina, PCI operates five manufacturing facilities across the U.S., with additional locations in Canada and Costa Rica, that service small to mid-size companies within stable, consumer-focused end sectors including personal care, household, and food and beverage products. 

Long-time specialty packaging executive Ken Swanson, who formerly served as Chief Executive Officer of Sterling portfolio company Liqui-Box, will serve as Chairman of PCI’s Board of Directors upon the closing of the transaction.

Evercore acted as financial advisor and Latham & Watkins LLP acted as legal advisor to The Sterling Group. William Blair and Stifel acted as financial advisors and Kirkland & Ellis LLP acted as legal advisor to PCI.