ProAmpac, a leader in flexible packaging and material science, has announced its acquisition of Gelpac, a top producer of multiwall paper and poly-woven packaging products. The acquisition, facilitated by an investor group led by NAMAKOR Holdings, W Investments, and CDPQ, is set to enhance ProAmpac’s capacity and diversify its product offerings across North America.

Gelpac, known for its innovative and sustainable packaging solutions since 1956, will continue to operate from its Quebec headquarters, maintaining its commitment to serving both short- and long-run customers with its extensive portfolio.

The company, catering to various sectors including food, healthcare, and e-commerce, aims to leverage this merger to better meet the demands of the rapidly growing end markets.

The deal, which is pending customary approvals, is expected to conclude in the upcoming weeks. The financial terms remain undisclosed. Legal representation for ProAmpac was provided by Kirkland & Ellis L.L.P and McMillan L.L.P, while Gelpac was advised by Fasken Martineau DuMoulin L.L.P, Bradley L.L.P, and Mesirow as the exclusive sell-side advisor.

“Gelpac shares ProAmpac’s commitment to serve customers across the U.S. and Canada with high-performance, sustainability-focused flexible packaging solutions,” said Greg Tucker, Founder, Vice Chairman and Chief Executive Officer of ProAmpac.

“Gelpac’s talented management team has a 20-year track record of working together to build this strong business, and I am delighted to welcome them to the family.”

“ProAmpac is the ideal partner for Gelpac’s continued growth and innovation,” said Alain Robillard, President and CEO of Gelpac.

“Their platform and capabilities will provide significant benefit to our customers and key partners as we continue to offer exemplary packaging solutions in the market. On behalf of the management team and employees of Gelpac, we are thrilled to pursue our next stage of growth with our new partner.”

“Gelpac is a complementary addition to ProAmpac’s growing platform across Canada and the United States,” said Kaitlyn Desai, Principal at Pritzker Private Capital. “Both businesses have built strong reputations as customer-focused innovators in sustainable, flexible packaging solutions.”

Stéphane Huot, President and COO of NAMAKOR, added, “We are proud of the accomplishments and growth Gelpac achieved during our ownership and look forward to their continued success under ProAmpac and PPC’s stewardship in the years to come.”

“We believe ProAmpac is a great strategic partner for an exceptional business in Gelpac, and we are grateful to have helped bring Gelpac to this point.” Maxime St-Laurent, Managing Partner at W Investments, added, “We valued our years of partnership with Gelpac and look forward to its further achievements under new ownership.”

Kim Thomassin, Executive Vice-President and Head of Quebec at CDPQ, commented, “Since becoming a shareholder in 2017, CDPQ has generated value and growth within Gelpac through a series of acquisitions, primarily in the United States. Today, following a rigorous and exhaustive process that keeps the head office, facilities and jobs in Québec, the company will be able to continue developing alongside a partner that is already firmly established here, which will foster its expansion.”

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