Ampac Packaging Announces Recapitalization |
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Ampac Packaging
12025 Tricon Rd.
Cincinnati, OH, 45246
USA
Press release date: July 6, 2006
Cincinnati, OH (July 6, 2006) - Ampac Packaging LLC announced today that it entered an agreement with Prudential Capital Group, Chicago and Falcon Investment Advisors, Boston, to recapitalize the company for an undisclosed amount. The influx of new capital will enable Ampac Packaging to continue to pursue strategic and organic growth in the flexible packaging sector.
John Baumann, president and chief executive officer (CEO) and other key management executives will retain ownership interest along with Prudential and Falcon. Baumann will remain as president and CEO.
"We are delighted to participate in the ownership and growth of Ampac Packaging. With our investment, Ampac Packaging will be able to move ambitiously along its strategic path. It is one of the most dynamic flexible packaging companies in North America, enjoying major strategic positions in its core markets. Ampac has innovative products, leading edge technology and solid relationships with marquee customers," Allen Weaver, senior managing director, Prudential Capital Group, said.
Baumann commented, "This is an exciting time for all of us at Ampac. Our new investment partners will provide a wealth of business and financial expertise, as well as capital to pursue our five-year growth plan, including strategic packaging industry acquisitions in North America, Asia and Europe."
"Our investment strategy has been to focus on middle-market companies with consistent growth stories and solid management teams," said Dianna Carr, vice president, Prudential Capital Group. "Ampac is a great fit - it has done an excellent job of growing the company over the last several years, and a terrific management team that will continue to lead the company to further success and growth in the future." The company previously had been capitalized by investment firms Key Principal Partners (KPP) and Pouschine Cook Capital Management.
"We're pleased our investment in Ampac helped facilitate remarkable growth, and exit the company knowing that it will continue to thrive," said Leland Lewis, managing partner, KPP.
Ampac Packaging is a diversified, international, flexible packaging company with 11 manufacturing centers in North America and Asia employing approximately 900 people with revenues in excess of $225 million annually. Over the past seven years, Ampac has completed eight acquisitions and opened three Asian manufacturing facilities in China and Vietnam.
Ampac is the leading manufacturer of innovative packaging solutions ranging from luxury shopping bags to tamper-evident, disposable security bags and from high performance plastics films to printed multilayer laminations and pouches for retail, food, medical and security customers
Media Contacts: Sophia Dilberakis SD Communications (312) 787-5800 sophiad@att.net
Lisa Fey Ampac Packaging 513) 551-1209 lfey@ampaconline.com
Grace Healy Prudential Capital Group (312) 540-4235 grace.healy@prudential.com
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