CEI is described as a flexible packaging and technical products company by Wellspring Capital Management LLC, the New York-based private equity owner of ProAmpac.
“CEI is a great company known for innovation, service and quality. These are also core principals of ProAmpac’s business, making the acquisition of CEI a natural step in ProAmpac’s overall growth strategy,” said ProAmpac CEO Greg Tucker in a statement.
Cincinnati-based ProAmpac is a result of a merger this year between Prolamina Corp. and Ampac Packaging LLC, two companies owned by Wellspring Capital Management.
CEI, based in Wrightstown, Wis., specializes in wide web extrusion coating and laminating film, foil, paper, board and nonwovens, Wellspring said.John Morningstar is a managing partner with Wellspring and lead’s that company’s packaging sector activities. He indicated, in a statement, ProAmpac will seek “other attractive growth initiatives the company will pursue in the future.”
CEI, according to its website, has locations in Wrightstown and Appleton, Wis. The firm has nearly 900,000 square feet of manufacturing space.
The acquired company was started in 1997, and when co-founder Michael Nowak decided to retire as CEO about a year ago, the company said it had grown to more than 450 employees and $250 million in annual sales.
Mason Wells, an investment firm based in Milwaukee, became an equity partner in CEI in 2008.