|FOR IMMEDIATE RELEASE
January 16, 2000
PROSPECT PARTNERS ACQUIRES WRAP PACK AND PURSUES GROWTH
Together will focus on acquiring other fruit and vegetable packaging
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
“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
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