TricorBraun has been acquired by Ares Management Corporation’s Private Equity Group and Ontario Teachers’ Pension Plan Board for an undisclosed sum.
The North American packaging distributor entered into the stock purchase agreement back in January with funds managed by Ares Management and Ontario Teachers.
Founded in 1902, TricorBraun is a provider and distributor of packaging to packaged goods companies including the food and beverage industry. Its portfolio includes plastic and glass bottles and jars, closures and flexible sealed pouches.
Since its establishment, TricorBraun has reportedly grown to $1.5 million in annual sales, with more than 1,100 team members in 50 locations throughout North America, Europe and Asia.
As part of the transaction, Ares Management and Ontario Teachers have acquired a majority interest in the packaging company. Meanwhile, TricorBraun’s leadership team and former majority owner AEA Investor will retain a significant investment in the company.
The firm’s management team, including executive chairman Keith Strope and president and CEO Court Carruthers, will continue to lead the company.
“We are excited to continue our exceptional growth with Ares and Ontario Teachers’ as our partners. We look forward to working with Ares and Ontario Teachers’ to deliver exceptional service to our customers while continuing to build the best place for the best people in packaging,” said Carruthers.
Karen Frank, senior managing director, equities, Ontario Teachers, said: “TricorBraun has served as its customers’ trusted packaging partner for more than 100 years. We are pleased to partner with Ares, AEA, and the strong management team to support TricorBraun’s next stage of growth and innovation.”
Last year, TricorBraun acquired Price Container and Packaging, a distributor of rigid packaging which primarily serves the food and industrial markets.
© FoodBev Media Ltd 2020
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