Pack Logix Inc., based in Milwaukee, Wis., U.S.A., has acquired the assets of a lubricants and packaging facility in Waukesha, Wis., from Phillips 66 for an undisclosed price.
Height Securities, LLC served as sole financial advisor to Phillips 66 and its wholly owned division Phillips 66 Spectrum Corporation, on the sale of its lubricants and packaging plant.
“We were pleased to be able to work with the Phillips 66 Spectrum team to facilitate the divestment of its Waukesha facility through a tailored process designed to maximize the value for the facility,” said Michael Grabenstein, senior vice president and director of Investment Banking at Height Securities.
Pack Logix also simultaneously acquired the contract packaging and fulfillment business from Milwaukee packaging firm PAX Holdings LLC, an investor in the Spectrum transaction, and will integrate those operations into its Milwaukee facility. Milwaukee private equity firm PS Capital Partners LLC also has become a Pack Logix equity partner through this transaction, and will help it seek additional packaging acquisitions, mergers and alliances.
Selmer, Tenn., U.S.A.-based Spectrum Corp. is a division of Phillips 66, which the latter acquired in 2014. The facility blends, packages and markets specialty lubricants, including two-cycle engine oils, small engine oils and hydraulic oils for an international client base, primarily in the outdoor power equipment/lawn and garden market. Spectrum has 24 employees at the 40,000-square-foot Waukesha facility, all of whom will be retained by Pack Logix.
Pack Logix is a diversified contract packager, packaging distributor, fulfillment and logistics firm with an international client base. Its headquarters is at an 80,000-square-foot plant at 2501 W. Hampton Ave. in Milwaukee, and the company is owned by Bruce Moncrieff. It had 16 employees prior to the acquisition.
With the acquisition of the Spectrum plant, Pack Logix will be able to expand its capabilities to include high-speed lubricant and chemical filling.
“We are excited about the additional services we can offer our existing and new customers as we continue to service the increasing demand for contract packaging and value-added services, such as sourcing, packing, warehousing and direct distribution,” said Moncrieff, chief executive officer of Pack Logix.
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of midstream, chemicals, refining and marketing and specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is an integral asset in the portfolio. Headquartered in Houston, Texas, U.S.A., the company has 14,600 employees and USD 54 billion of assets as of December 31, 2017.