Billionaire Pritzker brothers buy Starbucks coffee-sleeve maker

[NEW YORK] Pritzker Group, the investment firm backed by billionaire brothers Anthony and Jay Pritzker, scions of Chicago's richest family, bought LBP Manufacturing Inc, a maker of sustainable packaging such as Starbucks Corp's coffee sleeves.

The Pritzkers agreed to acquire Chicago-based LBP from Barry Silverstein, who took it over from his father Len, according to a statement on Tuesday. Terms of the deal weren't disclosed.

The Pritzker brothers, heirs of the Hyatt Hotels Corp and Marmon Holdings Inc fortune, seek family-owned companies that they can hold for a longer period of time than a traditional private equity firm. Pritzker Group also makes venture investments and manages traditional assets such as stocks and bonds.

"We look to work with business owners and industry-leading entrepreneurs like Barry Silverstein who seek liquidity while also looking to preserve their corporate legacy," Jay Pritzker said in the statement.

Wealthy families are increasingly making so-called impact investments that focus on clean energy to sustainable agriculture. Last month, a network of family offices called the CREO Syndicate said it is looking to invest US$2 billion over the next five years in energy and environmental investments.

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