Global packaging leader TricorBraun has entered into a definitive stock purchase agreement with funds managed by Ares Management Corporation’s (and Ontario Teachers’ Pension Plan Board. Ares and Ontario Teachers’ will acquire a majority interest in the Company.
TricorBraun’s management team, including Executive Chairman Keith Strope and President and CEO Court Carruthers, will continue to lead the Company following the close of the transaction. TricorBraun’s leadership team will also retain a significant investment in the company, as will its current majority owner, AEA Investors.
“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, from cutting-edge startups to the world’s most iconic brands, and is a critical packaging provider for the essential personal care and household cleaning, food and beverage, and healthcare/nutraceutical industries. The company offers rigid to flexible packaging, stock and custom capabilities, and countless options of materials. Serving customers since 1902, TricorBraun has grown to $1.5 billion in annual sales, with more than 1,100 team members in 50 locations throughout North America, Europe and Asia.