NEW YORK, Oct. 17, 2016 /PRNewswire/ -- Wellspring Capital Management LLC ("Wellspring") today announced that it has entered into an agreement to sell its portfolio company ProAmpac, a leading global flexible packaging company, to Pritzker Group Private Capital. Financial terms of the agreement were not disclosed.
Wellspring formed ProAmpac in August 2015 through the merger of Prolamina Corporation and Ampac Packaging LLC. ProAmpac subsequently acquired Coating Excellence International. The combined business offers 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 has over 2,500 employees, 18 locations worldwide and serves more than 5,000 customers.
John Morningstar, a Managing Partner of Wellspring who leads the firm's investment effort in the packaging industry, said, "The sale of ProAmpac will mark the conclusion of an exciting and fruitful journey for Wellspring. It has been a pleasure to partner with Greg Tucker and his management team and we thank them for their hard work in bringing ProAmpac to this important point in its history."
Matthew Harrison, a Principal of Wellspring, commented, "We are very proud of the outstanding packaging business we have built at ProAmpac, resulting in a highly successful investment. We are pleased that ProAmpac is exceptionally positioned for continued growth under new ownership and wish the entire team every success in the future."
Greg Tucker, Chief Executive Officer of ProAmpac, added, "Wellspring had the vision to build a new flexible packaging business, and provided the resources and expertise necessary for the Company to be successful in our focus markets. As ProAmpac embarks on a new chapter, we are grateful for the support of the Wellspring team over the past several years."
It is expected that the transaction will be completed by year end.
William Blair & Company, LLC is serving as financial advisor to Wellspring with respect to the transaction, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel.
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.
ProAmpac is steadfast in their 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 2,500 employees and 18 manufacturing centers in North America, Europe and Asia. For more information, visit our website at www.proampac.com.
Mark Semer or Ross Lovern
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SOURCE Wellspring Capital Management LLC