Standard & Poor's Ratings Services reported July 24 that private equity firm Wellspring Capital Management LLC is buying Ampac Holdings LLC and will merge Ampac with Wellspring's Prolamina Corp. to create a flexible packaging group.
In a news release, S&P said Wellspring will create a company called Prolampac Intermediate Corp.
Contacted soon after S&P announced the deal, a spokesman for Wellspring in New York said no one was available for comment. Officials of Ampac and Prolamina did not return telephone calls.
Ampac is based in Cincinnati and has five U.S. factories, in Cincinnati; Auburn, Wash.; Minneapolis; Cary, Ill.; and Hanover Park, Ill. According to Plastics News' most recent ranking, Ampac generated estimated film packaging sales of $154 million.
Westfield, Mass.-based Prolamina generated an estimated $300 million in sales from three factories, in Westfield; Neenah, Wis., and Terrebonne, Quebec. Prolamina officials broke ground July 1 on a renovation of the Westfield headquarters plant.
The Plastics News rankings include only the plastic film operations. The companies also use paper and some other materials. S&P said the two companies have pro forma sales of nearly $700 million for the last 12 months, ended June 30.