Wellspring Capital Management LLC, a New York-based private equity firm, announced that its portfolio company ProAmpac completed the acquisition of Coating Excellence International (CEI), a flexible packaging and technical products company based in Wrightstown, Wis. 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 Corp. and Ampac Packaging LLC, offer multiple flexible packaging solutions.
"The acquisition of CEI will increase ProAmpac's strategic market share and enhance the company's already robust extrusion lamination capabilities,” says John Morningstar, a managing partner of Wellspring.
"Wellspring is pleased to support the acquisition of CEI,” adds Matthew Harrison, principal of Wellspring. “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. 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,” says Greg Tucker, chief executive officer of ProAmpac.