FIP acquires American Spool & Packaging Inc.

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Nov 06, 2024, 09:00 ET

CHAGRIN FALLS, Ohio, Nov. 6, 2024 /PRNewswire/ -- Foundation Investment Partners (FIP) is pleased to announce the successful acquisition of American Spool & Packaging, Inc (Amspak). Located in Hartsville, South Carolina, Amspak's primary business is converting sheets, and mill rolls into specialty packaging products. Their 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.

Amspak was founded by Larry Ridgeway in 1966 (deceased) and has remained in the family with Larry's three children -Trey Ridgeway, Lynn Curry, and Tifini Stafford - continuing to lead the business. "We have always followed our father's guidance when taking care of the customer. While it will be bittersweet for the family to exit the business, we are confident that FIP will be a great partner given their focus on reinvesting in their businesses and focus on employee well-being," said Tifini Stafford.

"We are excited to welcome Amspak into the FIP family," said David Wood, Managing Member of Foundation Investment Partners. "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."

Under FIP's ownership, Amspak will continue operations with industry veteran David Partin acting as CEO. Partin, along with Michael Smith, Vice President of Sales and Marketing, will expand their roles within the company. Both have been with Amspak for over five years and bring a combined 47 years of experience from a major company in the paper tube market. "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," said Partin.

About Foundation Investment Partners
Foundation Investment Partners is a private equity firm focused on building companies that account for the well- being of our people, recognizing that the cared for and empowered are more likely to outperform. FIP focuses on investing in niche manufacturers, high value-added distributors, outsourced business service providers, and niche software developers with EBITDA levels of $1 million to $10 million. FIP's operating model focuses on embedding our team with the owners or operators of smaller businesses to provide the support, guidance, and resources necessary to grow the business. For more information, please visit www.foundationpartners.net.

Contact:
Carolyn Manley
[email protected]

SOURCE Foundation Investment Partners