Wellspring Capital Management Acquires Jen-Coat
Bevis said, "In part due to recent consolidation, the flexible packaging industry needs a new high-end competitor and we are going to create one. We will build the company through greenfield investment, capacity expansion, organic growth, continued development of innovative technologies and synergistic acquisitions. Jen-Coat is an excellent starting point for the new company, as it has strong and unique composite structure manufacturing expertise; outstanding six sigma operational performance; and excellent on-time customer service. We look forward to communicating with current and prospective customers about our considerable capabilities and future plans.”
Jen-Coat Founder and CEO Jim Kauffman and his management team will remain with the Company, and Kauffman will serve on the Board of Directors of the new company. Bevis added, “Jim Kauffman co-founded the Company in 1972 and built it the right way. I am extremely happy the team is staying on to take it to the next level.”
Kauffman said, "Our team is proud of what Jen-Coat has accomplished over the years and is excited to partner with Wellspring and Harold as we enter the next phase of growth and expansion. Wellspring and Harold have a strong track record of supporting management teams through considerable strategic and operational expertise, as well as financial resources. We look forward to a successful future and to continuing to deliver the best products and services to our customers."
Carl M. Stanton, a Managing Partner of Wellspring, said, "We are excited to form this new flexible packaging holding company and to launch the company with the acquisition of Jen-Coat, which is well positioned for continued growth. Harold Bevis has a track record of value creation in the packaging industry and we are delighted that he will lead our new company. We are also extremely honored to be partnered with Jim Kauffman and his executive team at Jen-Coat, as they have an outstanding Company with a unique culture and years of successful performance for their customers. Together with Harold and Jen-Coat’s experienced and successful management team, we will pursue a range of attractive growth initiatives.”