NEW YORK and CINCINNATI, Dec. 3, 2015 /PRNewswire/ -- Wellspring Capital Management today 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.
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.
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. For more information, visit our website at: www.proampac.com.
CEI is a market leading flexible packaging and technical products company specializing in wide web extrusion coating and laminating of film, foil, paper, board and nonwovens. CEI features EB coating and laminating, wide web flexographic presses with award winning 10 color printing with registered backside print capabilities, and offset printing up to four colors. For more information, visit our website at: www.coatingexcellence.com.
About Wellspring Capital Management
Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $3 billion of private equity capital. The firm's objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring is able to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. The firm functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience and financial expertise, and access to resources. For additional information, please visit www.wellspringcapital.com.
Forward Looking Statements
This press release contains statements that are forward-looking in nature, including statements regarding ProAmpac's anticipated acquisition and its value, strategy, and future customers and product solutions. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties which may cause actual results to differ significantly. The risks include, but are not limited to, the parties' ability to close the transaction and changes in customers, demand for and development of new products, and spending levels in one or more of our target markets. ProAmpac does not assume any obligation to update or revise any such forward-looking statements after the date of this release.
Mark Semer / Ross Lovern
SOURCE Wellspring Capital Management