ITALY – American designer and distributor of rigid packaging TricorBraun has entered into an agreement to acquire Italian-based packaging supplier Vetroelite from LBO France for an undisclosed sum.
Vetroelite provides glass packaging solutions for the spirits, gourmet food, home fragrances, wine, and cosmetics industries.
The company has a global presence and operates from several locations across the US and Europe, serving customers in 90 countries.
With Vetroelite, TricorBraun will be able to significantly expand its European presence while at the same time bolstering its global presence.
“We are very pleased to expand our European presence with the acquisition of Vetroelite,” said Court Carruthers, president and CEO of TricorBraun.
“The Vetroelite team has established a strong reputation for high-quality, innovative packaging solutions, fuelled by deep expertise and dedicated customer service.”
All members of the Vetroelite team will remain with TricorBraun, including Vetroelite CEO Daniele Feletto, and continue to work at the company’s existing locations.
Vetroelite marks TricorBraun’s fourth acquisition this year. In September, TricorBraun revealed that it had agreed to acquire Cormack Packaging, as it looks to expand its packaging footprint into Australia and New Zealand.
The company also announced in May that it had been acquired by Ares Management Corporation’s Private Equity Group and Ontario Teachers’ Pension Plan Board for an undisclosed sum.
As part of the transaction, Ares Management and Ontario Teachers will have a majority interest in the packaging company while TricorBraun’s leadership team and former majority owner AEA Investor will retain a significant investment in the company.
Elopak expands into MENA
Meanwhile, Norwegian packaging manufacturer Elopak has announced its acquisition of packaging solutions company Naturepak Beverage Packaging Co for a cash-free and debt-free price of $96 million (€83 million).
Naturepak Beverage distributes fresh liquid carton and packaging systems in the Middle East and Northern Africa region and has local production facilities in Morocco and Saudi Arabia.
Its acquisition will enable Elopak to expand its global footprint, give it access to new growth markets and support its aim to target 2-3% organic revenue growth.
Thomas Körmendi, chief executive officer of Elopak, said: “By establishing a presence in Morocco and Saudi Arabia we can access important growth markets and deliver Elopak’s brand portfolio to key local and international players. The transaction reflects our strong commitment to growth in the Middle East and Africa.”
Once the transaction is completed, Naturepak Beverage will be rebranded under Elopak’s name and its client base will have access to a wider product portfolio, sustainable packaging solutions and technical expertise.
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