CINCINNATI, OH—Pritzker Group Private Capital announced it has signed a definitive agreement to acquire ProAmpac, a leading global flexible packaging company, from Wellspring Capital Management.
Pritzker Group Private Capital and other co investors are investing alongside the ProAmpac management team, which will remain a significant shareholder, continue to lead the company and serve on its board of directors. The transaction is expected to close later in November.
ProAmpac operates under the Prolamina, Ampac and Tulsack brands. Headquartered in Cincinnati, OH, ProAmpac has more than 2,400 employees across 18 manufacturing locations in North America, Europe and Asia. The company offers a broad range of products and capabilities, including wide web extrusion coating and laminating of film, foil, paperboard and nonwovens; metallizing; pouching; bag converting, and rotogravure and flexographic printing. ProAmpac’s technology driven, innovative, flexible packaging solutions make it a leader in the food, medical, pet food, security, industrial and specialty retail markets.
“ProAmpac maintains an excellent reputation for innovation and world class customer service. Its diverse product lines and strong market position make it a strong platform for growth in flexible packaging,” said Michael Nelson, Pritzker Group Private Capital investment partner. “Pritzker Group continues to expand our investments in the packaging sector with this clear market leader.”
“ProAmpac is a leader in flexible packaging with an outstanding management team,” said J.B. Pritzker, managing partner of Pritzker Group. “Combining our permanent, proprietary capital base with this management team will enable ProAmpac to have tremendous opportunities for growth, both through organic initiatives and accretive acquisitions.”
“We live our core values of integrity, intensity, innovation and involvement every day—and we are pleased to work with a group that understands this commitment to our customers, suppliers and employees,” said Greg Tucker, CEO of ProAmpac. “Pritzker Group’s knowledge of the packaging market and permanent capital base will allow us to continue our strong track record of growth, innovation and successful acquisitions.”