|FOR IMMEDIATE RELEASE
July 16, 2001
WRAP PACK ACQUIRES FRUIT PACKAGING UNIT OF HUHTAMAKI—NOW
KEYES FIBRE CORPORATION
Wrap Pack Product Corporation, a platform company of Prospect Partners,
LLC, acquires fruit packaging business, expanding operations
CHICAGO, Ill.—July 16, 2001: Prospect Partners, LLC of Chicago,
Illinois and Wrap Pack Products Corporation of Yakima, Washington
are proud to announce the acquisition of the Fruit Packaging Business
Unit of Huhtamaki Foodservice, Inc. in Wenatchee, Washington.
Huhtamaki Foodservice, Inc. is a U.S. subsidiary of Huhtamaki,
a Finnish consumer packaging company with worldwide operations.
The Fruit Packaging Business Unit out of Wenatchee, Washington produces
apple and other fruit and vegetable trays, egg flats and wine bottle
trays from molded fiber. The Wenatchee operation will return to
its original name, Keyes Fibre Corporation.
“We are excited about the opportunity to manage our business
locally,” explains Ted Smith, President of Keyes Fibre. “With
an increased focus on our company and market needs, both our people
and our customers will benefit from the transaction.”
Wrap Pack Products Corporation of Yakima, Washington is the leading
provider of tissue wrap packaging for fresh pears, specializing
in high quality treated and untreated tissue packaging. Wrap Pack’s
market includes growers, packers and distributors throughout the
“The addition of the Keyes Fibre team to our company is an
exciting step forward for our business,” explains Steve Altmayer,
Chief Executive Officer of Wrap Pack. “The strong customer
relationships we have built over the past ten years are very important
to us, and we are always seeking to expand the range of high-quality
products we are able to offer. Keyes Fibre’s people and products
command respect in the marketplace, and the company is completely
focused on exceeding the expectations of their customers. In the
future, we look forward to expanding our company through the acquisition
of other fruit and vegetable packaging concerns.”
“We are extremely pleased with the acquisition, and look
forward to working together with Wrap Pack and the Keyes Fibre team
as the company continues to grow,” explains Erik E. Maurer,
Principal of Prospect Partners, LLC. “The expanded operations
provide a model of how Wrap Pack will continue to grow. In seeking
complementary product concerns, the company is able to better serve
its customers through increased product offerings and expanded service.”
Prospect Partners, LLC acquired Wrap Pack Corporation in conjunction
with management in January 2001, establishing a new platform company.
Together, Prospect Partners and Wrap Pack will continue to seek
manufacturers of fruit and vegetable packaging companies that sell
to growers, packers and distributors in the United States.
Prospect Partners, LLC manages a $105 million private equity fund
focused on management-led leveraged acquisitions and providing growth
capital for lower middle market businesses with niche strategies.