TricorBraun serves customers in the personal care and household cleaning, food and beverage, and healthcare/nutraceutical industries
Ares and Ontario Teachers’ to acquire majority stake in TricorBraun. (Credit: Tumisu from Pixabay)
The funds managed by Ares Management’s Private Equity Group and Ontario Teachers’ Pension Plan Board have agreed to purchase a majority stake in packaging solutions provider TricorBraun.
Established in 1902, TricorBraun is claimed to be North America’s largest primary packaging distributor and one of the largest providers of packaging across the world.
TricorBraun offers packaging solutions to the customers in the personal care and household cleaning, food and beverage, and healthcare/nutraceutical industries.
Its product portfolio consists of plastic bottles and jars, glass bottles and jars, closures, sprayers and pumps, pails, drums and tubes, wine bottles and custom packaging solutions.
The company also offers other services, including global sourcing, manufacturing oversight and global supply chain programmes.
TricorBraun, which serves major consumer packaged goods companies, employs over 1,100 people in 50 locations across North America, Europe, and Asia.
Ares’ Private Equity Group partner Brian Klos said: “We believe that TricorBraun’s deep expertise, entrepreneurial approach, strong track record, and exceptional culture differentiate the company from its peers.”
Subject to customary closing conditions and regulatory approvals, the deal is expected to be completed in the first quarter of 2021.
Upon closing of the deal, TricorBraun’s management team, including executive chairman Keith Strope and president and CEO Court Carruthers, will continue to manage TricorBraun.
TricorBraun’s leadership team will also hold a significant investment in the company, as similar to the current majority owner AEA Investors.
Carruthers said: “Ares and Ontario Teachers’ are the right partners to help us expand on our steady growth as we continue to build the best place for the best people in packaging.
In August 2020, TricorBraun agreed to acquire rigid packaging distributor Price Container and Packaging for an undisclosed sum.