ProAmpac, a specialist in flexible packaging and material science, has announced the acquisition of UP Paper, a producer of recycled kraft paper.
Greg Tucker, founder, vice chairman, and chief executive officer of ProAmpac, commented, ‘We look forward to building on their [UP Paper’s] existing relationships and production expertise to serve our customer base with a broader suite of sustainable packaging products.’
Lars Dannberg, president and CEO of UP Paper, stated, ‘ProAmpac has built an exceptional platform from which we can continue to grow our business. Together, we will have a strong portfolio of paper products and a shared commitment to excellence in customer service. I am confident our current and future customers will benefit from this partnership.’
UP Paper, established in 2016, is a North American producer of 100% unbleached recycled kraft paper for packaging applications. UP Paper and ProAmpac, together will look to leverage combined fibre and film-based materials science expertise to create environmentally friendly flexible packaging products.
Pritzker Private Capital, management, and other co-investors jointly own ProAmpac.
Kaitlyn Desai, principal at Pritzker Private Capital, added, ‘UP Paper will expand ProAmpac’s portfolio of recycled paper packaging products and extend the company’s presence in growth-oriented end markets. We look forward to continuing our strong support of ProAmpac through both organic and acquisition growth.”
Terms of the transaction were not disclosed.
