Pouschine Cook Capital Management

Ampac Packaging

Ampac Packaging (“Ampac”) is a manufacturer of flexible packaging, headquartered in Cincinnati, with numerous manufacturing facilities around the U.S. and in Asia.  Founded in 1966, the company began as a producer of industrial plastic bags, expanding over time into numerous specialty packaging areas.  These specialty areas included paper and plastic retail bags, security packaging, specialty banner films, retortable stand-up pouches and medical and pharmaceutical overwraps.


Pouschine Cook viewed Ampac as a strong growth opportunity within an existing, mature market.  With a very strong management team, good reputation and solid position as the second largest provider of custom paper and plastic retail shopping bags, Ampac was in an excellent position to expand into other specialty packaging products.  Pouschine Cook saw Ampac as a solid platform for additional acquisitions and considerable growth by consolidating smaller providers and leveraging the company’s customer base and manufacturing and marketing expertise.


Pouschine Cook made a strategic non-control equity investment alongside a private equity partner who saw in Pouschine Cook a partner who could assist them in providing appropriate institutional oversight of the investment and assistance in evaluating, structuring and financing acquisition opportunities.  The investors ensured that the management team had significant incentives to grow shareholder value.


Since the date of the original investment, Pouschine Cook rolled up its sleeves and worked closely with management in executing Ampac’s substantial growth, overseeing the completion of six complimentary add-on acquisitions, establishing proper corporate governance and aligning information systems strategy with overall business strategy.

From the date of the original investment to the sale of the business, revenues and EBITDA more than doubled, and the business was far less exposed to swings in resin and paper pricing, customer concentration and business cycle swings for any one part of the business.  The management team was significantly deepened and sourcing was extended to China and other parts of Asia.