Swedish pulp and paper manufacturer BillerudKorsnäs’ wholly owned subsidiary has acquired a minority stake in California-based Vericool for an undisclosed amount.
The subsidiary, BillerudKorsnäs Venture, focuses on investing in new companies that have the potential to develop into a new business and introduce new solutions to the packaging value chain.
BillerudKorsnäs Venture managing director Anders Persson said: “Within the cold chain segment, for decades, there has been a need to find products that can replace fossil-based packaging solutions.
“Vericool's market disruptive products are examples of such ones, which goes completely in line with what we work for within BillerudKorsnäs.
“Together we intend to build tomorrow's sustainable packaging solutions and through an expanded offer with alternatives to polystyrene.”
Vericool develops sustainable and compostable packaging for unbroken cold chains in the grocery and pharmaceutical markets, including delivery of food and medicines.
It customers include multiple companies from the evolving US ‘meal kit’ market, as well as pharmaceutical and biotech companies.
Vericool Packaging CEO Darrell Jobe said: “With its strong focus on sustainability and innovation, BillerudKorsnäs is an excellent partner and investor for Vericool.
“They have experience of and insight into the importance of truly sustainable packaging for businesses, people and the planet.”
BillerudKorsnäs Venture recently completed three similar investments in Denmark-based EcoXpac, UK-based Hanhaa and Norwegian company Kezzler.