A global packaging company has been acquired by the Ontario Teachers’ Pension Plan Board and Ares Management, the firm said Thursday.
The investors agreed to take a majority interest in TricorBraun, a privately held company headquartered in St. Louis distributing rigid glass and plastic packaging, including bottles, closures, and flexible bags.
TricorBraun Executive Chairman Keith Strope and President and CEO Court Carruthers will continue to lead the company. The leadership team and current majority owner AEA Investors will also continue to hold sizable stakes in the firm.
“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,” Carruthers said.
Founded in 1902, TricorBraun is one of the largest packaging distributors in North America and in the world. It provides packaging for consumer packaged goods, including for personal care, household cleaning, health care, and food and beverage.
The company reports it has had about $1.5 billion in annual sales, with more than 1,100 staff in North America, Europe, and Asia. Last year, it said it had “record sales” as consumers cloistered indoors ramped up shopping online.
“We look forward to working with Ares and Ontario Teachers’ to deliver even greater value to our customers and suppliers over the coming years,” Carruthers continued.
“TricorBraun is uniquely positioned to serve the requirements of the packaging industry,” said Karen Frank, senior equities managing director at Ontario Teachers’, which has $161.4 billion in assets.
The transaction is expected to close in the first quarter, pending approval.