Wrap Pack Products Corporation

FOR IMMEDIATE RELEASE
July 16, 2001
 

 

WRAP PACK ACQUIRES FRUIT PACKAGING UNIT OF HUHTAMAKI—NOW KEYES FIBRE CORPORATION

Wrap Pack Product Corporation, a platform company of Prospect Partners, LLC, acquires fruit packaging business, expanding operations


CHICAGO, Ill.—July 16, 2001: Prospect Partners, LLC of Chicago, Illinois and Wrap Pack Products Corporation of Yakima, Washington are proud to announce the acquisition of the Fruit Packaging Business Unit of Huhtamaki Foodservice, Inc. in Wenatchee, Washington.

Huhtamaki Foodservice, Inc. is a U.S. subsidiary of Huhtamaki, a Finnish consumer packaging company with worldwide operations. The Fruit Packaging Business Unit out of Wenatchee, Washington produces apple and other fruit and vegetable trays, egg flats and wine bottle trays from molded fiber. The Wenatchee operation will return to its original name, Keyes Fibre Corporation.

“We are excited about the opportunity to manage our business locally,” explains Ted Smith, President of Keyes Fibre. “With an increased focus on our company and market needs, both our people and our customers will benefit from the transaction.”

Wrap Pack Products Corporation of Yakima, Washington is the leading provider of tissue wrap packaging for fresh pears, specializing in high quality treated and untreated tissue packaging. Wrap Pack’s market includes growers, packers and distributors throughout the United States.

“The addition of the Keyes Fibre team to our company is an exciting step forward for our business,” explains Steve Altmayer, Chief Executive Officer of Wrap Pack. “The strong customer relationships we have built over the past ten years are very important to us, and we are always seeking to expand the range of high-quality products we are able to offer. Keyes Fibre’s people and products command respect in the marketplace, and the company is completely focused on exceeding the expectations of their customers. In the future, we look forward to expanding our company through the acquisition of other fruit and vegetable packaging concerns.”

“We are extremely pleased with the acquisition, and look forward to working together with Wrap Pack and the Keyes Fibre team as the company continues to grow,” explains Erik E. Maurer, Principal of Prospect Partners, LLC. “The expanded operations provide a model of how Wrap Pack will continue to grow. In seeking complementary product concerns, the company is able to better serve its customers through increased product offerings and expanded service.”

Prospect Partners, LLC acquired Wrap Pack Corporation in conjunction with management in January 2001, establishing a new platform company. Together, Prospect Partners and Wrap Pack will continue to seek manufacturers of fruit and vegetable packaging companies that sell to growers, packers and distributors in the United States.

Prospect Partners, LLC 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.