Two portfolio companies have been merged to create a new global flexible packaging supplier.
New York City-based private equity firm Wellspring Capital Management has added Ampac Holdings to its portfolio and will merge it with its other flexible packaging company Prolamina Corp., which was acquired five years ago.
The joint company will be headquartered in Cincinnati, Ohio, and have a global footprint of 16 manufacturing sites in North America, Europe, and Asia.
Financial terms were not disclosed.
“We are excited about the acquisition of Ampac and the combination with Prolamina to form a clear industry leader,” said John E. Morningstar, a managing partner at Wellspring Capital. “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.”
