Global packaging company and Wellspring Capital Management's portfolio company, ProAmpac, has entered into an agreement to acquire Coating Excellence International (CEI), a flexible packaging and technical products company based in Wrightstown, Wisconsin.
CEI specialises in wide web extrusion coating and laminating of film, foil, paper, board and nonwovens and will enhance ProAmpac's already robust extrusion lamination capabilities.Global packaging company and Wellspring Capital Management's portfolio company, ProAmpac, has entered into an agreement to acquire Coating Excellence#
ProAmpac, recently formed by Wellspring through the recent merger of Prolamina Corporation and Ampac Packaging LLC, is a leading global flexible packaging company operating primarily under the Prolamina, Ampac and Tulsack brands. Together, the brands offer multiple innovative solutions in flexible packaging for the food, pet care and medical markets, along with secure packaging for the transport of cash and valuables, and retail shopping bags, according to a press release.
John Morningstar, a managing partner of Wellspring who leads the firm's activities in the packaging sector, said, “We are very pleased by the successful combination of Prolamina and Ampac, The leading flexible packaging company we created, ProAmpac, is ideally positioned for success and we are delighted to support the acquisition of CEI and other attractive growth initiatives the company will pursue in the future.”
Greg Tucker, CEO of ProAmpac said, “CEI is a great company known for innovation, service and quality. These are also the core principles of ProAmpac's business, making the acquisition of CEI a natural step in ProAmpac's overall growth strategy. We are pleased that the addition of CEI will strengthen our ability to deliver valuable products and services for our customers.”
Rita Cox, president and chief executive officer of CEI said, “CEI's highly engaged team, manufacturing expertise and market diversity will add to ProAmpac's extrusion competencies and existing customer base. This acquisition will create value and opportunity for partners of both organisations.”
Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than US$3 billion of private equity capital. (GK)
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