Global packaging company TricorBraun entered into a definitive stock purchase agreement with funds managed by Ares Management Corp.’s Private Equity Group and Ontario Teachers’ Pension Plan Board. The two groups will acquire a majority interest in TricorBraun.
The management team will continue to lead at Tricor with Keith Strope as executive chairman and prescient and Court Carruthers as chief executive officer. TricorBraun’s leadership team will also retain a significant investment in the company.
“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,” said Carruthers. “We have had a tremendously successful partnership with AEA, culminating with record sales in 2020, and we look forward to working with Ares and Ontario Teachers’ to deliver even greater value to our customers and suppliers over the coming years.”
TricorBraun is North America’s largest primary packaging distributor and one of the largest providers of packaging in the world. The company serves consumer packaged goods companies and retailer private brands, and is a critical packaging provider for the essential personal care and household cleaning, food and beverage, and healthcare/nutraceutical industries.
The company provides rigid to flexible packaging, stock and custom capabilities, and more options of materials, industries, and markets served, TricorBraun’s been operating since 1902 and has grown to reach $1.5 billion in annual sales, with more than 1,100 team members in 50 locations throughout North America, Europe, and Asia.