WELLSPRING CAPITAL MANAGEMENT PORTFOLIO COMPANY PROAMPAC COMPLETES ACQUISITION OF COATING EXCELLENCE INTERNATIONAL
NEW YORK and CINCINNATI, Dec. 23, 2015 /PRNewswire/ -- Wellspring Capital Management LLC, a New York-based private equity firm, announced that its portfolio company ProAmpac has completed its previously announced acquisition of 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. Financial terms were not disclosed.
ProAmpac, 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 E. Morningstar, a Managing Partner of Wellspring who leads the firm's activities in the packaging sector, said, "The acquisition of CEI will increase ProAmpac's strategic market share and enhance the company's already robust extrusion lamination capabilities."
Matthew Harrison, a Principal of Wellspring, commented, "Wellspring is pleased to support the acquisition of CEI. This transaction underscores the health and importance of the global packaging market and we feel ProAmpac is positioned for tremendous success."
Greg Tucker, Chief Executive Officer of ProAmpac, said, "Only a few months following the formation of ProAmpac,, we are already experiencing tremendous synergies. The addition of CEI's talented employees, machine expertise and capabilities, will secure ProAmpac's market leadership position and strengthen our ability to deliver valuable products and services for our customers."
William Blair acted as the lead financial advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to Wellspring.
About ProAmpac 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.
About CEI 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.
Contact: Mark Semer/Ross Lovern, 212-521-4800
SOURCE Wellspring Capital Management LLC
Ampac drives packaging transformation and performance by creating packages that are more innovative, progressive and dynamic than those used by competitive brands. Ampac’s comprehensive approach to packaging is a balance of rigorous, technology-driven thinking and exceptional creativity. It is a diversified global packaging company with 13 manufacturing centers in North America, Europe and Asia. For more information, visit Ampac’s website at: www.ampaconline.com.