UP Paper, a producer of recycled kraft paper, has agreed to be sold to ProAmpac, a global producer of flexible packaging.
Terms of the transaction were not disclosed.
Lars Dannberg, UP Paper president and CEO, says in a statement that the companies will build a strong portfolio of paper products.
UP Paper was established in 2016 and is based in Manistique, Michigan. It produces 100% unbleached recycled kraft paper for packaging applications.
Pritzker Private Capital, company managements, and co-investors jointly own ProAmpac, which is based in Ohio.
The deal will allow ProAmpac to offer a broader suite of sustainable packaging products, says Greg Tucker, ProAmpac founder, vice chair, and CEO.