Flexible packaging company ProAmpac has acquired Rapid Action Packaging (RAP), a UK-based manufacturer of cellulose-based food packaging products for prepared foods sold at retail such as sandwiches, wraps, chicken tenders and salads. Its acquisition by ProAmpac, a global leader in flexible packaging represents a significant expansion opportunity for the company.
Rapid Action Packaging, a portfolio company previously held by Ludgate Investments, a European, sustainability focused investment company, will join the ProAmpac brand and will maintain operations at its production facilities in Gaoth Dobhair in Ireland and London. While the company will change its name to ProAmpac, there will be minimal changes to the company’s existing policies, procedures and operations.
Gijs Voskamp, CEO of Ludgate Investments, commented that he was 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,” he said.
ProAmpac Holdings is a US based, privately held, manufacturer of flexible plastic and paper packaging solutions. According to Graham Williams, CEO of RAP, the two companies are highly complementary, with a collaborative working relationship and a common focus on innovation.
“We look forward to expanding our reach in Europe and North America 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.”
Owned by Pritzker Private Capital along with management and other investors, ProAmpac now has, with the addition of RAP, 37 manufacturing sites globally, with nearly 4,800 employees supplying more than 5,000 customers in 90 countries.
Greg Tucker, CEO of ProAmpac, said RAP is an excellent addition to the ProAmpac family.
“We are excited to add the company’s ready-to-eat packaging innovation capabilities to our existing portfolio. With this partnership, we are extending our product reach in food service to now include primary, fresh food packaging to our portfolio, and we will continue to bring innovative ideas and products to a growing customer base.”
The financial terms of the transaction have not been disclosed.