MINNEAPOLIS, MINNESOTA, August 7, 2019 — Arcline Investment Management (“Arcline”), a growth-oriented private equity firm with $1.5 billion of capital under management, today announced that it has acquired Pride Engineering, LLC (“Pride” or “the Company”) from May River Capital. Pride is anticipated to be the first of several acquisitions as Arcline builds a specialty tooling platform across numerous industries.
Pride Engineering is the global leader in the design and manufacture of precision-engineered tooling, equipment, and aftermarket parts that are mission-critical to the aluminum beverage packaging manufacturing process. The Company’s products generate significant return on investment for its customers by maximizing quality, productivity and operational uptime. Pride’s products include tool packs, bottom formers, precision grinders, and most recently, SYNAPSE™, the Company’s next generation internet of things solution.
Arcline commented, “We are in the early innings of a once-in-a-generation shift in the packaging industry — the large-scale substitution of single-use plastic containers toward more sustainable aluminum containers. We are committed to supporting the anticipated volume growth of Pride’s customers by heavily investing in the Company’s engineering and technology capabilities. Specifically, we plan to work with Pride to accelerate the rollout of its newest product, SYNAPSE™, that uses sensor-driven analytics to drive step-change quality and productivity improvements in our industry.”
Greg Pickert, President and CEO of Pride, added, “We are excited to partner with Arcline, which shares our passion for supporting our customers’ vision of advancing the adoption of environmentally favorable packaging. Arcline’s experience in software and technology enablement will be a great asset as we further develop the next generation of connected tooling for our customers. We look forward to playing a key role in the sustainable packaging industry as we invest in our next phase of growth.”
Lincoln International served as financial advisor to Arcline in connection with the acquisition.