Foundation Investment Partners (FIP) has acquired American Spool & Packaging (Amspak), a company located in Hartsville, South Carolina, US.
Founded in 1966 by Larry Ridgeway, Amspak's primary business involves converting sheets and mill rolls into speciality packaging products.
Its product line includes spiral paper tubes, folding paper cartons, paper spools and reels, sleeves and trays, die-cut cards, sheeted papers and boards, and slit papers.
Larry’s three children, Trey Ridgeway, Lynn Curry, and Tifini Stafford, have been leading the company.
Now under FIP’s ownership, Amspak will continue its operations with industry veteran David Partin serving as CEO.
Partin, along with Michael Smith, vice-president of sales and marketing, will expand their roles within the company.
Partin and Smith have been with Amspak for more than five years and together have a total of 47 years of experience from a major company operating in the paper tube segment.
Partin said: “Getting to know the leadership team at FIP has been a pleasure; their focus on improvement and growth is evident. Our employees are our biggest asset, and we look forward to doing great things together.”
Amspak operates a 93,000ft² manufacturing facility located near the intersection of Interstate 95 and Interstate 20. The company employs more than 40 people and has three paper slitters, a sheeter, and a large-format guillotine.
It operates five printing presses with varying sizes and format capabilities, including narrow- and mid-web flexographic and modified letterpresses.
Furthermore, Amspak has in-house design, prepress, and plate-making capabilities, complemented by seven die cutters to fulfil diverse printing needs.
FIP managing director David Wood said: “The recycled paper packaging market is a strong segment. Both paper tubes and folding cartons serve a diverse customer base and the product line that they offer serves many markets.
“We are confident FIP can leverage its experience in the packaging space to create value in this partnership with Amspak.”
