Ampac Packaging announces recapitalization
In an effort to grow its market in the flexible packaging sector, Ampac Packaging LLC has entered into an agreement...
In an effort to grow its market in the flexible packaging sector, Ampac Packaging LLC has entered into an agreement with Prudential Capital Group in Chicago and Falcon Investment Advisors in Boston to recapitalize the company.
The amount was not disclosed.
John Baumann, president and chief executive officer (CEO) and other key management executives will retain ownership interest along with Prudential and Falcon. Baumann will stay in his role as president and CEO.
“This is an exciting time for all of us at Ampac. Our new investment partners will provide a wealth of business and financial expertise, as well as capital to pursue our five-year growth plan, including strategic packaging industry acquisitions in North America, Asia and Europe,” Baumann noted.
The company previously had been capitalized by investment firms Key Principal Partners (KPP) and Pouschine Cook Capital Management.
Ampac Packaging has 11 manufacturing centres in North America and Asia employing approximately 900 people with revenues excess of $225 million annually. It is headquartered in Cincinnati, Ohio.