Flexible packaging maker ProAmpac Holdings Inc. is continuing to expand in Europe, this time through the acquisition of Bunbeg, Ireland-based Euroflex TEO.
The move helps ProAmpac serve "a growing base of multinational customers," the Cincinnati-based company said.
Of particular interest is Euroflex's experience in high-barrier flexible packaging. Euroflex makes flexible printed film, lamination and pouch packaging for the meat, cheese and dairy industries. Other segments include pet food, coffee and nutritional supplements.
"With this combination, our expertise in high-barrier applications will complement ProAmpac's broad offering of high-quality flexible packaging products," Euroflex CEO Derek Richardson said in a statement. "We are able to take this next step for our business because of the continued hard work and dedication of our team, and we are confident in the growth opportunities ahead."
Euroflex, a family-owned business, now taps into the financial muscle of ProAmpac and owner Pritzker Private Capital, a Chicago-based investment that has made a name for itself in plastics packaging-related investments in recent years.
ProAmpac CEO Greg Tucker pointed to Euroflex's position in the meat, cheese and dairy markets as well as the company's relationship with multinational customers as reasons to make the deal. "This family-owned business shares our values and continues to deliver strong performance," he said in a statement.
"Euroflex brings extensive expertise in high-barrier flexible packaging and a track record of R&D innovations for resealable and retortable packaging," ProAmpac said.
Terms of the deal were not disclosed, but the acquisition continues a busy time for ProAmpac, and Pritzker Private Capital, in plastics.
It was just about a month ago that Pritzker Private Capital revealed the purchase of Ultimate Group of Grimsby, England, described by Pritzker as one of the largest independent flexible packaging makers in the United Kingdom.
ProAmpac has grown to become the ninth-largest film and sheet maker in North America with estimated 2019 film sales of $990 million, according to the latest Plastics News survey of that segment.
Pritzker Private Capital, while beefing up on the film side, also recently divested a portion of its interest in injection molder Technimark LLC of Asheboro, N.C.
The investment firm is controlled by Tony Pritzker, whose family made its money through the Hyatt Group of hotels and Marmom Group, a conglomerate sold to Warren Buffet's Berkshire Hathaway.
Tony Pritzker previously worked with his brother J.B. Pritzker in the investment business, then known as Pritzker Group Private Capital, prior to J.B. Pritzker becoming Illinois governor in 2019. Tony Pritzker continues to lead Pritzker Private Capital, and J.B. Pritzker is seeking a second term.
"This acquisition represents an important strategic growth opportunity for ProAmpac in Ireland and Europe. Euroflex's strong portfolio and leading market position strengthen the high-quality offering ProAmpac delivers to its customers," said Chris Trick, investment partner at Pritzker Private Capital, in a statement.
ProAmpac, now with more than 40 locations around the world, is owned by Pritzker Private Capital, members of management as well as co-investors.