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.
"The acquisition of CEI will increase ProAmpac's strategic market share and enhance the company's already robust extrusion lamination capabilities," said John E. Morningstar, a managing partner of Wellspring who leads the firm's activities in the packaging sector.
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."
"Only a few months following the formation of ProAmpac, we are already experiencing tremendous synergies." commented Greg Tucker, Chief Executive Officer of ProAmpac. "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.