Acquired and Acquiring: ProAmpac Logs a Busy Week

It's been a hectic week for Cincinnati-based ProAmpac. On Oct. 17, the investment firm Pritzker Group — owned by brothers Tony and J.B. Pritzker, heirs to Hyatt Hotels and Marmon Holdings fortune — announced that the group would acquire ProAmpac for an undisclosed sum, according to Bloomberg. This comes almost one year after Prolamina and Ampac announced a merger that resulted in the company ProAmpac.

"Combining our permanent, proprietary capital base with this management team will enable ProAmpac to have tremendous opportunities for growth, both through organic initiatives and accretive acquisitions," J.B. Pritzker said in a statement, reported by Bloomberg.

Interestingly, just one day later on Oct. 18, ProAmpac announced that it would be acquiring Suffolk, Va.-based Vitex Packaging, a converter and printer of flexible packaging materials.

“We are pleased to welcome Vitex to the ProAmpac family. We continue to invest in opportunities that deliver an even greater array of quality products, innovation, and outstanding customer service to the marketplace, and continues to solidify ProAmpac as a leader in the flexible packaging industry," Greg Tucker, CEO of ProAmpac, said in the press release.

Although the acquisition was for an undisclosed amount, it seems that ProAmpac has already added value for Pritzker by acquiring Vitex and expanding its flexible packaging reach. The company will retain its branding but will operate under ProAmpac's Extrusion Lamination Division.