TricorBraun to acquire Australian packaging supplier Cormack Packaging
TricorBraun, an American rigid packaging solutions provider, has agreed to acquire Cormack Packaging, a packaging supplier in Australia and New Zealand, for an undisclosed price.
The acquisition will establish its presence in the two countries, said TricorBraun.
Cormack Packaging has been catering to the rigid packaging requirements in Australia and New Zealand for more than eight decades. The Australia-based company mainly serves the food and beverage, personal care, pharmaceutical, industrial, and household cleaning industries.
Commenting on TricorBraun acquisition of Cormack Packaging, Court Carruthers —president and CEO of TricorBraun, said: “We are incredibly excited to mark our first entry into Australia with the acquisition of Cormack.
“Mathew Cormack and his team have established the company as a respected leader in the market over many decades. We are pleased to welcome Cormack to the TricorBraun family, and we look forward to helping the team continue its strong growth while serving customers with innovative and quality packaging solutions.”
All the team members of Cormack Packaging including its managing director Mathew Cormack and the executive team will remain with TricorBraun. The team will continue to be based from Cormack Packaging’s current locations in Australia and New Zealand.
Following the closing of the deal, it will operate as Cormack Packaging, a TricorBraun company. The deal is expected to be wrapped up later this month.
Mathew Cormack — managing director of Cormack Packaging, commenting on TricorBraun acquisition of Cormack Packaging, said: “Joining the world-class TricorBraun team is the next great growth chapter in Cormack Packaging’s 82-year history.
“I am truly excited for the opportunities this brings to Cormack Packaging to better serve this region’s customers. Sharing like values, as well as a common passion and commitment to be the best partner for our valued customers, make TricorBraun the ideal home for Cormack Packaging to thrive.”
Cormack Packaging is the third acquisition for TricorBraun in 2021 after New Jersey-based SGB Packaging Group in July and Quebec-based RODA Packaging in March.
TricorBraun itself was acquired in March 2021 by funds managed by Ares Management Corporation’s Private Equity Group and Ontario Teachers’ Pension Plan Board. The financial terms of the deal were not disclosed by the primary packaging distributor.