Wildpack Beverage to acquire aluminum can filler Vertical Distilling
Wildpack Beverage, a Canada-based beverage manufacturing and packaging company, has agreed to acquire Vertical Distilling, an aluminum can filler, for $4.5 million in cash.
Based in Colorado, Vertical Distilling is active in its home state and neighboring states. According to Wildpack Beverage, the areas served by the can filling company is a key region in the middle market beverage industry and is integral to its growth strategy.
Through the deal, Wildpack Beverage expects to see a number of synergistic opportunities, which include adding more shifts, the elimination of throughput pinch points with light capital upgrades and installing new capabilities.
Mitch Barnard — Wildpack Beverage CEO said: “Every facility we add to our portfolio further solidifies our standing as a leading middle market beverage manufacturer and provides us with an economic moat.
“We have been effectively leveraging our near-term aluminum can advantage into our long-term facility network advantage ahead of our schedule and accretion targets.
“Our M&A, integration and upgrade teams are efficiently carrying out our growth strategy. We are one additional facility acquisition away from achieving our 2021 facility goals.”
Last month, Wildpack Beverage had wrapped up its $2.15 million acquisition of aluminum can decorator CraftPac based in Georgia state.
Thomas Walker — chief growth officer of Wildpack Beverage said: “We have successfully completed two acquisitions pursuant to our previously announced letters of intent and are excited to see the third deal move to the definitive agreement stage.
“The completion of consecutive acquisitions and the signing of this definitive agreement demonstrates our ability to efficiently discover, assess and close on targets that fit our strategic business plan.”
The latest deal, which is subject to certain conditions, is expected to close by the end of this month, at which time Wildpack Beverage expects to commence its ramp-up strategy.