Wrap Pack Products Corporation

FOR IMMEDIATE RELEASE
May 10, 2004
Contact: Lauren B. Sinai

PROSPECT PARTNERS ANNOUNCES SALE OF WRAP PACK PRODUCTS CORPORATION

Private Equity Investment Firm Exits Successful Investment in Niche Fruit Packager; Continues to Seek New Packaging Opportunities


CHICAGO, Ill.—May 10, 2004: Prospect Partners, LLC announced today that it has sold platform company Wrap Pack Products Corporation to Wrap Pack management and Tricor Pacific Capital, Inc., a private equity firm based in Lake Forest, Illinois.

Wrap Pack, based in Yakima, Washington, is the dominant manufacturer of tissue wrap packaging for pears and other fruits and vegetables sold into the fruit packaging industry. The company has one business unit, Keyes Fibre Corporation of Wenatchee, Washington. Keyes Fibre is the largest manufacturer and supplier of apple trays and other molded fiber trays sold into the fruit, egg and wine industries.

Wrap Pack was formed in January, 2001, by Prospect Partners and Wrap Pack CEO Steve Altmayer to grow the business through strategic acquisition. "We invested in a very small, niche-dominant player in the specialty packaging industry, where we've had success before," says William V. Glastris, Jr. of Prospect Partners. "During our investment period, we acquired a complementary business and recruited two experienced industry executives to the Board of Director's level. Wrap Pack management did an excellent job cementing the company's leadership position and running the company with an entrepreneurial focus."

With the sale, Altmayer is retiring. Wrap Pack will operate under the new name of Keyes Packaging Group, Inc., and will be led by Ted Smith as CEO. Smith also is president of Keyes Fibre.

“I originally sold Wrap Pack three years ago with the idea of retiring," Altmayer says. "But the quality of partnership I experienced with Prospect made me want to stay. They're true professionals who kept every single promise and who were absolutely committed to my business. Under the steady helm of new CEO Ted Smith, I believe the company will continue to see exciting growth opportunites ahead.”

Wrap Pack was Prospect Partners' second successful investment in the specialty packaging industry. Prospect principals and industry executive Don McCann of DCM Acquisition Company of Memphis, Tennessee, in 1993 invested in ELM Packaging Company, a manufacturer of foam polystyrene packaging for foodservice and consumer markets also based in Memphis. ELM was sold in 1998 to a financial buyer.

Prospect Partners continues to seek unique niche opportunities in the specialty packaging industry.

Prospect Partners, LLC of Chicago, Illinois, manages a $105 million private equity fund focused on management-led leveraged acquisitions of unique lower middle market companies with niche strategies. The firm's investment interests span a variety of niche consumer, commercial, specialty distribution and service markets throughout the United States.

Back to Press Releases


MORE PRESS RELEASES

July 16, 2001
Wrap Pack Acquires Fruit Packaging Unit of Huhtamaki--Now Keyes Fibre Corporation

January 16, 2000
Prospect Partners Acquires Wrap Pack and Pursues Growth.