Fisher Container Completes Acquisition of Packaging Products Corporation in Partnership with Morgan Stanley Capital Partners

NEW YORK–(BUSINESS WIRE)–Fisher Container Holdings, LLC (“Fisher”) announced today that it
completed its acquisition of Packaging Products Corporation, LLC
(“PPC”). Fisher is a portfolio company majority owned by investment
funds managed by Morgan Stanley Capital Partners (“MSCP”), the Private
Equity team within Morgan Stanley Investment Management. PPC represents
the first add-on acquisition for Fisher since MSCP’s investment in
February 2017.

Fisher, headquartered in Buffalo Grove, IL, is a leading manufacturer of
innovative and technical flexible packaging products, primarily for the
cleanroom and healthcare, food and industrial end markets. The Company
prints and converts flexible films, bags and plastic pouches.

PPC, headquartered in Mission, KS, is a leader in flexographic printing
and converting of flexible films, bags and pouches primarily used for
food packaging. PPC operates two manufacturing facilities, one in
Mission, KS, and one in Rome, GA. Founded in 1968, PPC strives to
provide the highest quality products with best-in-class lead times.

Kevin Keneally, Chief Executive Officer of Fisher, said, “I am very
excited to bring together Fisher and PPC, two highly complementary
businesses with rich legacies. We expect the combination of these
companies will enable us to enhance the value and service we provide to
our customers.” Kevin Keneally will serve as the CEO over the combined
company.

“We are very excited to bring together two strong organizations, each
with a long history of providing high quality products. PPC enhances
Fisher’s position in the food market with its unique set of capabilities
that has translated into a favorable position with blue chip and
innovative food manufacturers. We would also like to thank Bill Mackin
and the entire PPC team for their partnership and commend PPC on its
many accomplishments,” said Eric Kanter, Managing Director of Morgan
Stanley Capital Partners. “Our investment in Fisher continues upon
MSCP’s success in partnering with Family/founder-owned businesses.”

Mark Bye, Managing Director and Operating Partner of Morgan Stanley
Capital Partners, added, “We plan to build upon the successes of these
two businesses. We see tremendous value and growth potential from this
partnership and will continue to look for opportunities to add new,
innovative products and services.”

About Fisher Container

Fisher Container (“Fisher” or the “Company”), headquartered in Buffalo
Grove, IL, is a leading manufacturer of innovative and technical
flexible packaging products, primarily for the cleanroom and healthcare,
food and industrial end markets. The Company prints and converts
flexible films, bags and plastic pouches.

About Packaging Products Corporation

Packaging Products Corporation, LLC (“PPC”), headquartered in Mission,
KS with an additional manufacturing facility in Rome, GA, is a leading
manufacturer of flexible films, bags and pouches primarily used for food
packaging. Founded in 1968, PPC strives to provide the highest quality
products with best-in-class lead times.

About Morgan Stanley Capital Partners

Morgan Stanley Capital Partners, part of Morgan Stanley Investment
Management, is a leading middle-market private equity platform that has
invested capital in a broad spectrum of industries for over two decades.
Morgan Stanley Capital Partners focuses on privately negotiated equity
and equity-related investments primarily in North America, as well as
Europe and other regions and seeks to create value in portfolio
companies primarily through operational improvement. For further
information about Morgan Stanley Capital Partners, please visit www.morganstanley.com/im.

Contacts

Media Relations:
Morgan Stanley
Lauren Bellmare, 212-761-5303