Global packaging business TricorBraun (the “Company”) has announced the completion of its previously announced definitive stock purchase agreement with funds managed by Ares Management Corporation’s Private Equity Group (“Ares”) and Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”). Ares and Ontario Teachers’ have acquired a majority interest in the Company.
“We are excited to continue our exceptional growth with Ares and Ontario Teachers’ as our partners,” said Court Carruthers, president and CEO, TricorBraun. “We look forward to working with Ares and Ontario Teachers’ to deliver exceptional service to our customers while continuing to build the best place for the best people in packaging.”
TricorBraun’s management team, including Executive Chairman Keith Strope and Carruthers, will continue to lead the Company. TricorBraun’s leadership team will also retain a significant investment in the company, as will its former majority owner, AEA Investors.
“With the completion of our investment in TricorBraun, we are looking forward to taking the next step in partnering with the Company, Ontario Teachers’ and AEA,” said Brian Klos, partner in Ares’ Private Equity Group. “We are excited about working with the talented team at TricorBraun as we look to build upon the Company’s success and history of growth.”
“TricorBraun has served as its customers’ trusted packaging partner for more than 100 years,” said Karen Frank, senior managing director, Equities, Ontario Teachers’. “We are pleased to partner with Ares, AEA, and the strong management team to support TricorBraun’s next stage of growth and innovation.”
Terms of the deal were not disclosed.