Mesirow Financial acted as the exclusive financial advisor to Excel-Pac Inc. (“Excel-Pac" or the "Company”) in its sale to Packaging Solutions Holdings, Inc. (“PSH”), a portfolio company of Wellspring Capital Management LLC (“Wellspring”), a New York-based private equity firm. Wellspring and industry executive Harold Bevis founded PSH in 2010 as an investment platform to create a new specialty packaging company serving various end markets in the global packaging industry.
Based in Terrebonne, QC, Canada, Excel-Pac is an innovative manufacturer of specialty, high value-added flexible packaging products. The Company has developed an excellent reputation within the dairy industry, where it differentiates itself through its high-performance structures and high-end graphic capabilities.
Vincent Musacchio, Chief Executive Officer of Excel-Pac, will remain on the board of directors. "Mesirow’s diligent and professional approach resulted in a transaction that is extremely satisfying to our company and our shareholders. As the owner of the Company, I could not be more excited to align Excel-Pac with Wellspring and PSH as they develop a global specialty packaging brand,” he said.
John Chrysikopoulos, Managing Director of Mesirow Financial, added, “Mesirow was delighted to have the opportunity to work with Excel-Pac, a very high-quality company. The combination of Excel-Pac and PSH will result in a formidable company in the specialty packaging industry. Excel-Pac delivers PSH a high-performance flexible packaging partner that will create immediate opportunities to further penetrate the North American dairy packaging industry.”
The transaction represents another successful assignment completed by Mesirow Financial’s Investment Banking group. Having completed over 80 packaging transactions in recent years, Mesirow Financial is one of the most active advisors in the paper, plastic and packaging sectors.
About Wellspring Capital Management LLC
Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $3 billion of private equity capital. The firm's objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring is able to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. The firm functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience and financial expertise, and access to resources.
About Packaging Solutions Holdings, Inc.
Founded in 2010, Packaging Solutions Holdings, Inc. is a new specialty packaging holding company formed by Wellspring Capital Management LLC and industry executive Harold Bevis. PSH’s objective is to create a global, high-end specialty packaging competitor through select acquisitions, capital expenditures and internal initiatives. PSH acquired Jen-Coat, Inc., a manufacturer of extrusion laminated materials, as its first operating division.