UKIAH -- Maverick Enterprises, which makes plastic capsules that go over wine and spirits bottle closures, has been acquired by a Minnesota-based private-equity fund.
PCM Companies LLC, affiliated with Private Capital Management Inc. of Eagan, Minn., acquired Maverick this month from The Riverside Co., an Irvine-based private equity fund that picked up Maverick in 2004, according to a statement from the capsule maker.
“Our management team feels that PCM will be a great equity partner that is committed to helping Maverick continue to grow not only in the wine industry but also in the distilled spirits and specialty foods industries," said Jon Henderson, Maverick executive vice president of business development. "PCM is a great fit for us because they understand our commitment to our customers and they fully embrace our growth strategies."
Maverick Enterprises Chief Operating Officer Steve Otterbeck is now president, and former President and Chief Executive Officer Charlie Sawyer is now a member of the board of directors, according to Mr. Henderson.
Founded in 1992 in response to the wine industry's shift from lead-containing foil capsules, Maverick is expecting growth of 30 percent with the recent acquisition of equipment from a now-defunct major Australian manufacturer.
"We focus on profitable, high quality middle market companies, which Maverick clearly is," said PCM principal Michael Davies in a statement.