Wellspring Capital Management Acquires Jen-Coat

NEW YORK—August 5, 2010—Wellspring Capital Management LLC announced today that it has acquired Jen-Coat, Inc., a flexible packaging manufacturer in the food, healthcare and industrial segments, from CGW Southeast Partners. Jen-Coat is the first subsidiary of a new holding company formed by Wellspring and industry executive Harold Bevis. Financial terms of the transaction were not disclosed.