New York private equity firm Wellspring Capital is buying packaging company Ampac Holdings LLC and will merge it with portfolio company Prolamina Corp. Alvarez & Marsal Capital Partners is also investing in the new combined company, which will be based in Cincinnati, Ohio. Financial terms were not disclosed.

Both Ampac and Prolamina make similar products such as bags, pouches and packages for the food and beverage, retail and health care sectors. Prolamina was formed in 2010 by Wellspring and industry veteran Harold Bevis.

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