Newark Startup Sells To Larger Company, Founder Retiring

NEWARK, CA — Terry Besso had a dream, started a business, and put in the work to grow the startup into a success. Now, Besso is retiring.

Besso's baby is Specialized Packaging Solutions, SPS, which has just been purchased by Specialized Packaging Group, SPG, a leading provider of protective packaging products.

SPS manufactures custom packaging products at a 150,000 square-foot warehouse in Newark. Its products and services include corrugated containers, foam fabrication, wooden crates and shipping containers, and transit cases.

SPS and its entire workforce of 100 employees will continue to operate in Newark.

"After building SPS from the ground up, it was important to know that the company would be in good hands after I step away," said SPS Founder and CEO Besso. "SPG will continue our legacy of building strong, one-on-one relationships with customers and providing high-quality service and products. I’m grateful for a smooth and successful transaction that led to the best possible result for SPS and our employees."

SPG is one of the largest independent protective packaging manufacturers in North America and, with the addition of the Newark employees, has a workforce of 1,100.

"The addition of SPS to our Engineered Packaging division means we will be adding world-class capabilities to an operation that is already an industry leader," said SPG CEO Bob Lally. "With this announcement, we are excited to strengthen our presence in Northern California, which will allow us to better serve the customers of both SPG and SPS. We are looking forward to bringing the SPS team fully onboard and integrating them into a footprint that extends across North America and provides high-quality products to a diverse customer base."

SPG is a portfolio company of Altamont Capital Partners, a Bay Area private investment firm with more than $2.5 billion of assets.