Wellspring Capital Management forms flexible packaging company
Wellspring Capital Management LLC, a New York-based private equity firm, has created a flexible packaging company through the merger of portfolio companies Prolamina Corp. and newly acquired Ampac Holdings, LLC. Financial terms were not disclosed.
The combined company, which will be based in Cincinnati, will have a strategic geographical footprint and enhanced product offering, according to Wellspring Capital. Ampac’s range of adhesive lamination, rotogravure printing capabilities and innovative packaging solutions is complementary to Prolamina’s cost advantageous extrusion lamination and flexographic printing technology.
“We are excited about the acquisition of Ampac and the combination with Prolamina to form a clear industry leader,” says John E. Morningstar, a managing partner who leads Wellspring’s activities in the packaging sector. “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.”
Greg Tucker, CEO of Prolamina, will assume the role of CEO for the merged company. “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,” he says. “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.”