Expands into Flexible Packaging for Ready-to-Eat and Fresh Prepared Foods Sold at Retail
ProAmpac, a leader in flexible packaging, has announced that it has acquired Rapid Action Packaging (RAP), a private, U.K.- based manufacturer of cellulose-based packaging products for fresh prepared and ready-to-eat foods. Terms of the transaction were not disclosed.
RAP is a leading designer and manufacturer of sustainable packaging for fresh prepared foods sold at retail, including sandwiches, wraps, chicken tenders and salads. With this acquisition, ProAmpac expands its manufacturing capabilities to produce primary packaging for ready-to-eat and fresh prepared foods, broadening its sustainable product offering for retail food markets.
Ludgate, a leading European, sustainability focused investment company, is pleased to announce the successful exit from one of its portfolio companies: Rapid Action Packaging (RAP) to ProAmpac.
Greg Tucker, CEO of ProAmpac, said, “RAP is an excellent addition to the ProAmpac family. We are excited to add RAP’s focus on research and development for fresh prepared food packaging to our portfolio. Together with RAP, we are extending our product reach in food service to now include a ready-to-eat portfolio, and we will continue to bring innovative ideas and products to a growing customer base.”
Graham Williams, CEO of RAP, said, “Our two companies are highly complementary, with a collaborative working relationship and a common strength in our research and innovation practices. Together with ProAmpac, we will create stronger solutions for our customers. Our teams are a great cultural fit and we are excited to help ProAmpac serve even more customers in the retail market. I would like to thank Ludgate for their financial support and strategic guidance positioning RAP for an exciting future with ProAmpac.”
Gijs Voskamp, CEO of Ludgate Investments, said, “It has been a real pleasure to have worked closely with Graham and his high-quality management team. We are delighted to have been an integral part in the development of RAP as the leading manufacturer of sustainable food packaging solutions. This investment substantially reduces the plastics footprint in the food packaging market and this transaction reiterates the attractiveness of the sustainability proposition.”
Cincinnati-based ProAmpac is owned by Pritzker Private Capital along with management and other co-investors. With the addition of RAP, ProAmpac has 37 sites globally, with nearly 4,800 employees supplying more than 5,000 customers in 90 countries. ProAmpac manufactures flexible packaging for various consumer, healthcare, e-commerce, retail and industrial goods markets. RAP will join the ProAmpac brand and will maintain operations at its manufacturing facilities in Ireland and London.
Chris Trick, Investment Partner at Pritzker Private Capital, said, “This acquisition extends ProAmpac’s capabilities into the fresh prepared and ready-to-eat retail market, an important strategic growth opportunity for the company. We welcome the RAP team to ProAmpac, and we are pleased to continue our partnership with Greg and the entire ProAmpac team.”