Wellspring Adding to Flexible Packaging Portfolio
Acquisition Will Further Strengthen Extrusion Lamination Capabilities
Wellspring Capital Management has announced that its 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 specializes in wide web extrusion coating and laminating of film, foil, paper, board and nonwovens and will enhance ProAmpac's already robust extrusion lamination capabilities.
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.
ProAmpac is steadfast in its unwavering commitment to provide creative packaging solutions, industry-leading customer service and award-winning innovation to a diverse global marketplace. It is a diversified global packaging company with over 2,000 employees and 16 manufacturing centers in North America, Europe and Asia.
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."
"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 organizations," stated Rita Cox, President and Chief Executive Officer of CEI.