Pritzker Group Private Capital has signed an agreement to acquire ProAmpac, a provider of flexible packaging and a portfolio company of Wellspring Capital Management. It is expected that the transaction will be completed by year end.
ProAmpac’s packaging capabilities include adhesive lamination, extrusion coating and lamination, film extrusion, metalizing, pouching, bag converting, rotogravure printing, flexographic/offset printing, and HD flexo printing. The company operates under the Prolamina, Ampac and Tulsack brands and serves customers in the food, medical, pet food, security, industrial and specialty retail markets. ProAmpac is led by CEO Greg Tucker and has more than 2,400 employees across 18 manufacturing locations in North America, Europe and Asia. The company is headquartered in Cincinnati (www.proampac.com).
“ProAmpac’s diverse product lines and strong market position make it a strong platform for growth in flexible packaging,” said Michael Nelson, a Partner at Pritzker Group Private Capital. “Pritzker Group continues to expand our investments in the packaging sector with this clear market leader.”
Pritzker Group, led by Tony and J.B. Pritzker, has three principal investment teams: Private Capital, which acquires and operates North America-based middle-market companies in the manufactured products, services and healthcare sectors; Venture Capital, which provides early-stage and growth venture funding to technology companies; and Asset Management, which partners with investment managers across global public markets. The Pritzker Group is based in Chicago (www.pritzkergroup.com).
“ProAmpac is a leader in flexible packaging with an outstanding management team,” said J.B. Pritzker, managing partner of Pritzker Group. “Combining our permanent, proprietary capital base with this management team will enable ProAmpac to have tremendous opportunities for growth, both through organic initiatives and accretive acquisitions.”
Wellspring first invested in ProAmpac when it acquired Prolamina Corporation in 2010. In 2015, Prolamina acquired Ampac Packaging from H.I.G. Capital to form ProAmpac. “We are very proud of the outstanding packaging business we have built at ProAmpac, resulting in a highly successful investment,” said Matthew Harrison, a Principal of Wellspring. “We are pleased that ProAmpac is exceptionally positioned for continued growth under new ownership and wish the entire team every success in the future.”
Wellspring Capital Management is a middle-market private equity firm that manages more than $3 billion of private equity capital. The firm was founded in 1995 and is based in New York (www.wellspringcapital.com).
Lincoln International (www.lincolninternational.com) was the financial advisor to Pritzker Group Private Capital and William Blair (www.williamblair.com) was the financial advisor to Wellspring Capital.
© 2016 Private Equity Professional • 10-18-16
