Chicago-based PE firm Arbor Investments has acquired Keyes Packaging Group. Keyes, based in Wenatchee, WA, makes protective molded fiber and tissue wrap packaging for the food and beverage industry. Founded in 1903, the company operates out of two Washington State manufacturing facilities. The company had been owned by Tricor Pacific Capital since May 2004. Arbor Investments focuses exclusively on acquiring companies in the food, beverage and packaging industries.