Banaplast is a flexible packaging company engaged in the protection of crops in the banana and plantain agro-industrial sector and other fruit plantations
Transcontinental, operating as TC Transcontinental, has acquired Colombia-based flexible packaging firm Banaplast to expand its offering and network in the Latin American agro-industrial market.
Founded in 2009, Banaplast is engaged in the protection of crops in the banana and plantain agro-industrial sector and other fruit plantations.
TC Transcontinental Packaging Latin America senior vice president and managing director Ricardo Garcia Merlo said: “The acquisition of Banaplast is aligned with our growth strategy of innovation and proximity to key markets in the agro-industrial segment.
“With Banaplast we are expanding our offering, namely with banana tree bags and agro-mulches, and our network with the addition of Banaplast to our existing operations in Costa Rica, Ecuador, Guatemala and Mexico.
“This acquisition opens new and exciting opportunities to better serve our customers.”
TC Transcontinental Packaging president Thomas Morin said: “We welcome Banaplast to the TC family.
“Banaplast has a proven growth record, based on the successful combination of innovation, customer focus and great products, in line with TC’s strategy in the region.
“The banana market is a perfect example of the value of our packaging as it improves crop yield with active ingredients in film, protects crops during the growing cycle and extends shelf life for export.”
Banaplast founders Angela Maria Jaramillo Botero and Juan Carlos Fajardo Pulido said: “We are pleased that Banaplast is joining TC Transcontinental, a corporation with a successful 45-year history.
“We are inspired by their entrepreneurial spirit, their long-term growth vision, and the company’s strong set of values. We are confident that Banaplast will thrive within TC.”
Vistra Advisors served as an advisor to the Banaplast founders on the transaction.
In November last year, TC Transcontinental acquired US-based lids and labels manufacturer H.S. Crocker for an undisclosed sum.