Wellspring Capital Management Forms Leading Flexible Packaging Company
- Wall Street ekes out gains to close languid week
- 'Faster than Porsche but Safer than Volvo': Tesla (TSLA) Begins Model S Plaid Deliveries, Priced Between $131,100 and $145,600
- Oil hits multi-year highs in third weekly gain on demand recovery
- Snowflake (SNOW) Falls Following Investor Day Despite Strong Guidance, Analysts Bullish But Say Investors May Have Wanted More
- Dollar looks stronger as euro and sterling dip
Announces Acquisition of Ampac Holdings, LLC and Simultaneous Merger with Portfolio Company Prolamina Corporation
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
NEW YORK, Aug. 19, 2015 /PRNewswire/ -- Wellspring Capital Management LLC, a New York-based private equity firm, announced today the creation of a leading flexible packaging company through the merger of portfolio companies Prolamina Corporation and newly acquired Ampac Holdings, LLC. Financial terms were not disclosed.
The combined company, which will be headquartered in Cincinnati, Ohio, will have a strategic geographical footprint and enhanced product offering unparalleled in the industry. Ampac's range of adhesive lamination, rotogravure printing capabilities and innovative packaging solutions is highly complementary to Prolamina's cost advantageous extrusion lamination and flexographic printing technology.
John E. Morningstar, a Managing Partner of Wellspring who leads the firm's activities in the packaging sector, said, "We are excited about the acquisition of Ampac and the combination with Prolamina to form a clear industry leader. The merger brings together two flexible packing industry leaders both known for innovation, customer service and quality. Both companies, along with their respective management teams, have a proven track record of performance and will pursue a variety of new initiatives to further enhance their product offerings — adding value to their customers' bottom line and increasing market opportunities."
Matthew Harrison, a Principal of Wellspring, commented, "The acquisition of Ampac and its combination with Prolamina reflects the attractiveness of the global packaging industry. We believe there is increasing growth potential in the sector given the shift towards flexible packaging solutions driven by shifting consumer demands. We've been pleased to invest in this industry over the past several years and are excited to increase our participation through this expanded platform, which will serve broad and diverse markets."
Greg Tucker, Chief Executive Officer of Prolamina, will assume the role of Chief Executive Officer for the merged company. Mr. Tucker said, "The combination of Prolamina and Ampac's complementary capabilities and assets will enable the combined company to reach new levels of success, establishing it as a leader in the global packaging industry. I'm honored to lead a company with over 2,000 dedicated team members and 16 facilities worldwide with exceptional manufacturing scale to meet the growing needs of our valued customers. We are committed to providing creative packaging solutions, industry-leading customer commitment and award-winning innovation in a diverse global marketplace."
Alvarez & Marsal Capital Partners participated in the transaction as a direct investor in the combined business. Certain members of the management team have also invested additional capital in the transaction alongside Wellspring.
William Blair acted as the lead financial advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Jones Day acted as legal counsel to Wellspring.
Lincoln International acted as the lead financial advisor to Ampac Holdings, LLC.
About ProlaminaProlamina is a full-service supplier of technology-driven, innovative, flexible packaging. With multiple manufacturing facilities in North America, Prolamina is dedicated to providing solutions to your specific packaging needs. Visit: www.prolamina.com
About AmpacAmpac 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
About Wellspring Capital ManagementWellspring 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.
Mark Semer / Ross Lovern
Kekst and Company
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/wellspring-capital-management-forms-leading-flexible-packaging-company-300130496.html
SOURCE Wellspring Capital Management LLC
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Thrasio is Said in Talks to Go Public Via Churchill Capital Corp V (CCV) - Bloomberg
- The Fifth Forum on Laozi Culture Was Held in the Birthplace of Tao Te Ching
- Ubisoft Reveals Rocksmith™+, the Future of Interactive Music Learning
Create E-mail Alert Related CategoriesPress Releases
Related EntitiesWilliam Blair, Wellspring Capital Management, Morningstar, Inc., Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!