ProAmpac, a portfolio company of Pritzker Private Capital, has acquired Rapid Action Packaging, a manufacturer of cellulose-based packaging products, from Ludgate, a London-based private equity firm.
Rapid Action Packaging (RAP) is a designer and manufacturer of packaging used for prepared foods sold at retail, including sandwiches, wraps, chicken tenders and salads. RAP is led by CEO Graham Williams and is headquartered near London in Wimbleton, UK.
Cincinnati-headquartered ProAmpac is a provider of flexible packaging products to a range of end markets including the food, pet care, healthcare, lawn care and retail markets. The company’s products include extrusion laminations and coatings, polywoven bags, laminated films and foils, pouches, and retail and security bags.
“RAP is an excellent addition to the ProAmpac family,” said Greg Tucker, the CEO of ProAmpac. “We are excited to add RAP’s focus on research and development for fresh prepared food packaging to our portfolio. Together with RAP, we are extending our product reach in food service to now include a ready-to-eat portfolio, and we will continue to bring innovative ideas and products to a growing customer base.”
Last month, ProAmpac acquired three Canadian flexible packaging companies – Rosenbloom Groupe, Hymopack, and Dyne-A-Pak – that supply paper bags, plastic bags, can liners, and foam packaging trays to retailers, grocery chains and quick-service restaurants.
With the addition of RAP and the three Canadian acquisitions, ProAmpac now operates 37 sites globally, with nearly 4,800 employees supplying more than 5,000 customers in 90 countries.
“The buy of RAP extends ProAmpac’s capabilities into the fresh prepared and ready-to-eat retail market, an important strategic growth opportunity for the company,” said Chris Trick, an investment partner at Pritzker Private Capital. “We welcome the RAP team to ProAmpac, and we are pleased to continue our partnership with Greg and the entire ProAmpac team.”
Chicago-based Pritzker Private Capital acquires North America-based middle-market companies that have enterprise values between $100 million and $750 million and EBITDA of more than $15 million. Sectors of interest include manufactured products, services, and healthcare. In July 2018, PPC held a final closing of PPC Fund II LP at its hard cap of $1.8 billion. The firm is led by Tony Pritzker and the former investment and operating professionals of Pritzker Group Private Capital.
© 2021 Private Equity Professional | January 13, 2021