Sterling Group Acquires Majority Stake in Precision Concepts International from ONCAP

The Sterling Group has agreed to acquire a majority ownership stake in Precision Concepts International, a leading provider of specialty rigid packaging solutions, from ONCAP. Sterling will partner with existing investors and management to support PCI's continued growth. The acquisition is expected to accelerate PCI's nationwide expansion. Evercore acted as financial advisor to Sterling, while William Blair and Stifel acted as financial advisors to PCI.

The Sterling Group, a Houston-based private equity firm, has agreed to acquire a majority ownership stake in Precision Concepts International, LLC (PCI), a leading provider of specialty rigid packaging solutions. The acquisition will see Sterling partner with existing investors and management to support PCI's continued growth and accelerate its nationwide expansion.

Based on the agreement, Sterling will work alongside current investors, including ONCAP, a lower mid-market private equity platform of Onex Corporation (TSX: ONEX), to facilitate PCI's growth. The acquisition is expected to leverage Sterling's extensive experience in the packaging sector and its commitment to employee buy-in.

PCI, headquartered in Huntersville, North Carolina, operates five manufacturing facilities across the U.S., with additional locations in Canada and Costa Rica. The company services 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.

Ray Grupinski, Chief Executive Officer of PCI, expressed gratitude to ONCAP for their support over the past eight years and welcomed Sterling's involvement. Greg Elliott, a partner at The Sterling Group, highlighted the potential for PCI's expansion through organic growth initiatives and acquisitions.

Ryan Mashinter, Senior Managing Director at ONCAP, noted that PCI reflects ONCAP's investment approach, which emphasizes backing talented leadership teams and executing deep theses in core sectors. The transaction is expected to facilitate PCI's growth and position it for further success.

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

References:
[1] https://www.businesswire.com/news/home/20250715989777/en/The-Sterling-Group-Agrees-to-Acquire-Majority-Ownership-Stake-in-Precision-Concepts-International-LLC-from-ONCAP
[2] https://www.globenewswire.com/de/news-release/2025/07/10/3113315/0/en/Lianhe-Sowell-International-Group-Ltd-Delivers-New-Generation-Automated-Precision-Vision-Spray-Painting-Robot-to-Mercedes-Benz-Asia-s-Largest-Body-Paint-Center.html