PROSPECT PARTNERS ANNOUNCES SALE OF WRAP
PACK PRODUCTS CORPORATION
Private Equity Investment Firm Exits Successful Investment in Niche
Fruit Packager; Continues to Seek New Packaging Opportunities
10, 2004: Prospect Partners, LLC announced today that it has sold
platform company Wrap Pack Products Corporation to Wrap Pack management
and Tricor Pacific Capital, Inc., a private equity firm based in
Lake Forest, Illinois.
Wrap Pack, based in Yakima,
Washington, is the dominant manufacturer of tissue wrap packaging
for pears and other fruits and vegetables sold into the fruit packaging
industry. The company has one business unit, Keyes Fibre Corporation
of Wenatchee, Washington. Keyes Fibre is the largest manufacturer
and supplier of apple trays and other molded fiber trays sold into
the fruit, egg and wine industries.
Wrap Pack was formed in January, 2001,
by Prospect Partners and Wrap Pack CEO Steve Altmayer to grow the
business through strategic acquisition. "We invested in a very
small, niche-dominant player in the specialty packaging industry,
where we've had success before," says William V. Glastris,
Jr. of Prospect Partners. "During our investment period, we
acquired a complementary business and recruited two experienced
industry executives to the Board of Director's level. Wrap Pack
management did an excellent job cementing the company's leadership
position and running the company with an entrepreneurial focus."
With the sale, Altmayer
is retiring. Wrap Pack will operate under the new name of Keyes
Packaging Group, Inc., and will be led by Ted Smith as CEO. Smith
also is president of Keyes Fibre.
“I originally sold
Wrap Pack three years ago with the idea of retiring," Altmayer
says. "But the quality of partnership I experienced with Prospect
made me want to stay. They're true professionals who kept every
single promise and who were absolutely committed to my business.
Under the steady helm of new CEO Ted Smith, I believe the company
will continue to see exciting growth opportunites ahead.”
Wrap Pack was Prospect
Partners' second successful investment in the specialty packaging
industry. Prospect principals and industry executive Don McCann
of DCM Acquisition Company of Memphis, Tennessee, in 1993 invested
in ELM Packaging Company, a manufacturer of foam polystyrene packaging
for foodservice and consumer markets also based in Memphis. ELM
was sold in 1998 to a financial buyer.
Prospect Partners continues
to seek unique niche opportunities in the specialty packaging industry.
Prospect Partners, LLC
of Chicago, Illinois, manages a $105 million private equity fund
focused on management-led leveraged acquisitions of unique lower
middle market companies with niche strategies. The firm's investment
interests span a variety of niche consumer, commercial, specialty
distribution and service markets throughout the United States.