Private equity firm Wellspring Capital Management's portfolio company ProAmpac has completed its previously announced acquisition of Coating Excellence International (CEI), a specialist in wide web extrusion coating and laminating of film, foil, paper, board and nonwovens.
Financial terms of the deal have not been disclosed.
ProAmpac, formed by Wellspring through the recent merger of Prolamina Corporation and Ampac Packaging LLC, is a 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.
John E Morningstar, a Managing Partner of Wellspring who leads the firm's activities in the packaging sector, says: "The acquisition of CEI will increase ProAmpac's strategic market share and enhance the company's already robust extrusion lamination capabilities."
Matthew Harrison, a Principal of Wellspring, adds: "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."
Greg Tucker, Chief Executive Officer of ProAmpac, says: "Only a few months following the formation of ProAmpac,, we are already experiencing tremendous synergies. 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.
