Private equity-backed ProAmpac is buying packaging and coatings business Coating Excellence International for an undisclosed amount.
Coating Excellence specializes in coating and laminating film, foil, paper, board and nonwoven products.
ProAmpac expects the deal to further increase its laminating capabilities. The business, headquartered in Cincinnati, makes flexible packaging for the food, pet care and medical markets. ProAmpac also makes durable packaging meant to transport cash and valuables, and retail shopping bags.
The company was formed by the merger of Prolamina Corp. and Ampac Packaging LLC, orchestrated by private equity-backer Wellspring Capital Management in August. Wellspring, headquartered in New York, has more than $3 billion in capital under management. The firm also owns Help at Home Inc., a home-based health care provider, and Qualitor, an automotive accessories business.
Both the packaging and coating sectors have seen scores of M&A transactions recently.
On Dec. 2, Charter Nex Films Inc. closed a deal for Optimum Plastics Inc., which makes plastic films for food packaging, car parts and other things. Before that, Carr Management Inc. bought Hillside Plastics Inc., which makes plastic containers.
SWM (NY SWM) agreed to buy coatings company Argotec LLC for $280 million in September, and before that, Accella Performance Materials picked up both Burtin Polymer Labs and Coating and Foam Solutions. PPG Industries (NYSE: PPG) won Mergers & Acquisitions M&A Mid-Market Strategic Buyer of the Year Award for 2014 after making a handful of coatings purchases. For more on coatings, see Innovations in Coatings and Sealants Spark M&A.