Wrap Pack Products Corporation

FOR IMMEDIATE RELEASE
January 16, 2000
 

 

PROSPECT PARTNERS ACQUIRES WRAP PACK AND PURSUES GROWTH

Together will focus on acquiring other fruit and vegetable packaging companies.

CHICAGO, Ill.—January 16, 2001: In partnership with management, Prospect Partners, LLC is proud to announce the acquisition of Wrap Pack, Corp. of Yakima, Washington. Wrap Pack, Prospect Partners’ tenth portfolio company, is the leading provider of tissue wrap packaging for fresh pears.

“Wrap Pack provides a strong base from which to build a niche fruit and vegetable packaging business,” explains Erik E. Maurer of Prospect Partners. “We are very impressed with the management and industry expertise of owner Steve Altmayer, and are looking forward to Steve spearheading the expansion of Wrap Pack as Chief Executive Officer.”

Wrap Pack specializes in high-quality treated and untreated tissue packaging for fresh pears and other produce. Wrap Pack’s market includes growers, packers and distributors throughout the United States.

“Over the course of ten years experience in the packaging business, we have established relationships with fruit and vegetable growers and distributors nationwide,” explains Steve Altmayer, CEO of Wrap Pack. “We have wonderful relationships with our customers, and want to be able to offer them a more broad range of high quality products. Together with Prospect Partners, we are now in an ideal position to expand our company beyond its core market through acquisition of other fruit and vegetable packaging concerns.”

For Prospect Partners, the acquisition is a promising platform. William V. Glastris, Jr. and Erik E. Maurer, both of Prospect Partners, will serve as Directors along with Mr. Altmayer and Mickey Rodin. Mr. Rodin is the former Chief Operating Officer and Partner of Bagcraft Corporation of America, a Chicago-based flexible packaging manufacturer. Wrap Pack will benefit from Prospect Partners’ successful experience in building lower middle market manufacturing companies, and together they will seek to acquire manufacturers of fruit and vegetable packaging companies that sell to growers, packers and distributors.

Prospect Partners, LLC of Chicago manages a $105 million private equity fund focused on management-led leveraged acquisitions and providing growth capital for lower middle market businesses with niche strategies.

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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.