Global packaging company TricorBraun announced that it has entered into an agreement to acquire PB Packaging, a wholly-owned subsidiary of Pro-Pac Packaging Limited, expanding its presence in Australia.
One of Australia’s leading providers of plastic and glass packaging, PB is a one-stop shop for rigid packaging needs, serving customers in the health, industrial, food, and automotive industries.
“We are excited to grow our business in Australia, offering customers expanded solutions and supply chain options,” said Court Carruthers, president and CEO, TricorBraun. “The PB Packaging team’s dedication to innovation, quality, and exceptional customer service make them an ideal fit. We are pleased to welcome PB Packaging to the TricorBraun family, and we look forward to investing in its continued growth.”
TricorBraun established its footprint in the region with its acquisition of Cormack Packaging in September 2021.
PB’s current leadership team will join TricorBraun and all 140 PB team members will be offered positions with the company. Effective with the closing of the transaction, PB will operate as PB Packaging, a TricorBraun company. The company will continue to operate as a stand-alone business.
"We are delighted that TricorBraun will acquire PB and that all Rigid team members will be offered positions with TricorBraun,” said Tim Welsh, CEO and managing director, Pro-Pac. “TricorBraun is a natural home for the PB business, and we look forward to completing the transaction expeditiously.”
“Over the last 32 years, we’ve solidified our reputation as one of the most respected distributors of packaging materials and services in Australia,” said Andrew Allsop, executive general manager, PB Packaging. We look forward to continuing our service to customers, with TricorBraun’s support, resources, and investments in our growth.”
Since its founding, TricorBraun has partnered with management teams to successfully acquire and further accelerate growth for 34 packaging companies globally.
The transaction is expected to close in the second quarter of 2022, subject to the Australian Foreign Investment Review Board approval and satisfaction of other customary completion conditions.