Pritzker Group Private Capital has signed an agreement to acquire US-based flexible packaging company ProAmpac from Wellspring Capital Management for an undisclosed value.

The acquisition will allow Pritzker to continue to expand its investments in the packaging sector.

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In August, Wellspring formed ProAmpac through a merger of Prolamina and Ampac Packaging.

"ProAmpac’s diverse product lines and strong market position make it a strong platform for growth in flexible packaging."

ProAmpac subsequently acquired Coating Excellence International, and the combined businesses offer various solutions in flexible packaging for the food, pet care and medical markets.

Pritzker Group Private Capital investment partner Michael Nelson said: "ProAmpac maintains an excellent reputation for innovation and world-class customer service.

“Its diverse product lines and strong market position make it a strong platform for growth in flexible packaging."

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Operating under the Prolamina, Ampac and Tulsack brands, ProAmpac has 18 manufacturing locations in North America, Europe and Asia.

The company's services include wide web extrusion coating, lamination, metallising, pouching, bag converting, and rotogravure and flexographic printing.

ProAmpac CEO Greg Tucker said: “We live our core values of integrity, intensity, innovation and involvement every day – and we are pleased to work with a group that understands this commitment to our customers, suppliers and employees.

“Pritzker Group's knowledge of the packaging market and permanent capital base will allow us to continue our strong track record of growth, innovation and successful acquisitions."

The transaction is expected to close next month.