Company managers have purchased a controlling share of film extruder Amko Packaging Corp. and renamed the company Ampac Packaging LLC.
The Cincinnati company, which also makes flexible paper packaging, announced the sale Sept. 11.
The new owners include President and Chief Executive Officer John Baumann and Executive Vice President Bob Tillis. Key Principal Partners, a $1 billion private investment firm based in Greenwich, Conn., also is part of the controlling investor group.
Baumann said the new owners plan to continue the company's growth strategy. Just last year, Ampac acquired Walden, N.Y.-based Interstate Packaging Corp. and Malden, Mass.-based Ocean Packaging.
``The rationale behind this is really for the growth,'' Baumann said in a Sept.12 telephone interview from the Cincinnati headquarters. ``We're making plans today for that growth.''
Baumann declined to discuss terms of the sale.
The sale marks an end of the company's financial relationship with its former majority owner, Cincinnati-based Fisher Investment Group, he said.
``They [Fisher] held majority ownership of the company since we purchased it in 1997,'' Baumann said. ``They have been wonderful partners, and we really have tremendous respect and appreciation for their unwavering support to our company and the growth of our business.
``This [sale] will conclude their participation with the company - they'll have no continuing ownership.''
With about $40 million in sales, Ampac makes plastic and paper bags for high-end retail and consumer packaging markets. The company has facilities in Cincinnati, Walden, and Lebanon, N.H.