When Pritzker Group acquired ProAmpac less than a year ago, the Chicago-based investment firm promised the company would be a platform for growth in the plastic packaging business.
And that's certainly been the case as the firm controlled by billionaire brothers Tony and J.B. Pritzker is acquiring yet another company.
This time, ProAmpac has purchased PolyFirst Packaging of Hartford, Wis.
"The acquisition of PolyFirst provides us with cold seal capabilities and several new bag and pouch formats. Combined with our manufacturing expertise and award-winning printing assets, our customers will benefit from a more comprehensive service and product offering," ProAmpac CEO Greg Tucker said in a statement.
Since acquisition by Pritzker Group in October 2016, ProAmpac has made a series of acquisitions, include a deal just a few weeks ago for Clondalkin Group's Orlando, Fla., flexible packaging plant.
Before that, the company acquired Trinity Packaging Corp. and its position in large-format bags. Trinity brought manufacturing sites in Rocky Mount, Va., and Buffalo, N.Y.
But this latest deal for PolyFirst "provides new capabilities in cold seal and e-commerce products to complement ProAmpac's existing flexible packaging product offerings," the company said.
ProAmpac, based in Cincinnati, now has 25 manufacturing locations around the world and employs 3,200. The company's customer base of 5,000 is in 90 countries. ProAmpac calls itself one of the top 10 flexible packaging converters in the United States.
Michael Nelson is an investment partner with Pritzker Group and is in charge of expanding the firm's plastic packaging holdings.
"PolyFirst is a strategic acquisition that expands ProAmpac's already robust product offering. We will continue to support ProAmpac with acquisitions that add value for their customers and support their growth initiatives in strategic markets," Nelson said in a statement.
PolyFirst dates to 1999 when the company was founded as Advanced Bag. Now the operations "become part of the ProAmpac brand" the company said. Former PolyFirst CEO Steve Randazzo will head PolyFirst locations in Hartford and in Aurora, Ill.
PolyFirst has grown from a two-employee, two-machine company that produced one bag style to now include a 67,000-square-foot location in Hartford with 120 employees, according to the company's website.
PolyFirst products include pouches, mailer bags, pre-opened bags, rollstock and individually cut bags. Markets include industrial, food, medical and electronic commerce.
Terms of the deal were not disclosed.
