US-based primary packaging distributor TricorBraun has agreed to purchase family-owned packaging supplier Cormack Packaging for an undisclosed sum.
Cormack supplies rigid packaging for various sectors, including the food and beverage, pharmaceutical, personal care, industrial and household cleaning industries, in Australia and New Zealand.
TricorBraun president and CEO Court Carruthers 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 [our] family and we look forward to helping the team continue its strong growth while serving customers with innovative and quality packaging solutions.”
Following the acquisition, TricorBraun will take on all Cormack’s existing team members, including managing director Mathew Cormack and the company’s executive team.
Cormack will operate as Cormack Packaging, a TricorBraun company, from its existing locations across Australia and New Zealand.
Cormack Packaging managing director Mathew Cormack said: “Joining the world-class TricorBraun team is the next great growth chapter in Cormack Packaging’s 82-year history.
“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.”
The deal is expected to close later this month and marks TricorBraun’s third acquisition so far this year.
TricorBraun has so far purchased more than 25 packaging companies and claims to have expedited their growth in the process.
In July, it acquired SGB Packaging, a packaging supplier for the cosmetics, fragrance, skin, hair and personal care and makeup industries.
SGB Packaging is based in New Jersey and claims to have strong supplier partnerships across prestige categories in Europe and elsewhere in the world.