The acquisition of Grupo Phoenix will allow Tekni-Plex to enhance its capabilities to offer market-focused and customer-driven packaging solutions
Tekni-Plex has agreed to acquire Grupo Phoenix. (Credit: Gerd Altmann from Pixabay)
Tekni-Plex, a provider of packaging materials, has agreed to acquire rigid packaging company Grupo Phoenix for an undisclosed sum.
The acquisition of Grupo Phoenix will allow Tekni-Plex to enhance its capabilities to offer market-focused and customer-driven packaging solutions, specifically in the food and beverage markets.
Grupo Phoenix CEO Alberto Peisach said: “Combining Grupo Phoenix’s entrepreneurial and innovation spirit with Tekni-Plex’s global footprint and resources is designed to create a first-class scalable platform for continuous growth.”
Grupo Phoenix offers rigid packaging and sustainable custom packaging solutions to FMCG brands across multiple categories and segments.
The company, which serves 20 vertical markets, designs packaging solutions for dairy, desserts, coffee, beverages, ice cream, soups, spreads, cosmetics and household cleaning products.
Grupo Phoenix has operations in more than 30 countries, including the US, Colombia and Mexico.
Tekni-Plex president and CEO Brenda Chamulak said: “Grupo Phoenix adds a broad suite of capabilities to our Consumer Products business.
“The acquisition enhances our ability to keep food fresher and longer with sustainable packaging solutions. We are excited to welcome Grupo Phoenix and its innovative products and people to the Tekni-Plex family.”
Tekni-Plex stated that Grupo Phoenix is the 15th acquisition completed by the company over the past five years.
The closing of the transaction is subject to regulatory approval.
Moelis & Company and Simpson Thacher acted as advisors to Grupo Phoenix on the transaction, while Ropes & Gray acted as advisors to Tekni-Plex.
Tekni-Plex develops and produces products for different end markets, including medical, pharmaceutical, food, beverage, personal care, household and industrial.