Lake Pacific Partners Completes Acquisition of Teepak Cellulose Business From Devro

Lake Pacific Partners, LLC, a Chicago- based private equity fund, today reported that it has completed the previously announced acquisition of the cellulose and fibrous food casing business of Devro-Teepak, Inc., previously a wholly owned subsidiary of UK-based Devro plc. The newly created company has been named Teepak, LLC, and is headquartered in Lisle, Illinois.

The deal to acquire Teepak, a leader in the international cellulose and fibrous casing business, was fully financed, and has received shareholder and regulatory approval. Key members of Teepak's existing management team, including president Paul Murphy, participated in the transaction and have taken leadership positions with the newly formed entity.

The Teepak cellulose and fibrous casing business reported 2000 revenues in excess of $160 million. The worldwide market for cellulose and fibrous casing is estimated to be approximately $700 million. The company has approximately 1,300 employees.

``We are optimistic that with Teepak's outstanding global presence, and experienced management team, the company will continue to be a leader in the cellulose and fibrous casing business,'' said William R. Voss, managing director of Lake Pacific Partners.

About Teepak

Teepak manufactures cellulose and fibrous casing for use in the processed meat industry. These casings are used for a wide variety of applications, including wieners, frankfurters, sausages, deli meats, and hams. It operates cellulose and fibrous manufacturing facilities and converting centers in the U.S. and Europe, employing approximately 1,300 people. Teepak's current worldwide revenues are in excess of $160 million. Its principal manufacturing facilities are located in Danville, Illinois; Lommel, Belgium; Delfzijl, Netherlands; Slavkov, Czech Republic; Summerville, South Carolina; and Kansas City, Missouri. The products are marketed through sales staff with offices in Chicago, Miami, Toronto and Lommel, as well as Zurich, Switzerland and Moscow, Russia.

About Lake Pacific Partners

Lake Pacific Partners, LLC, is a private equity investment firm which makes acquisitions and investments in the food, consumer products, consumer services and related industries. Founded in 2000, Lake Pacific Partners manages in excess of $100 million of equity capital. It is directed by former food company executives William Voss and Terry Sebastian.

SOURCE: Lake Pacific Partners LLC