A wholly owned subsidiary of Pro-Pac Packaging, PB supplies rigid packaging for the health, industrial, food and automotive industries.
The financial terms of the transaction have not been disclosed.
TricorBraun president and CEO Court Carruthers said: “We are excited to grow our business in Australia, offering customers expanded solutions and supply chain options.
“The PB Packaging team’s dedication to innovation, quality and exceptional customer service make them an ideal fit.
“We are pleased to welcome PB Packaging to the TricorBraun family, and we look forward to investing in its continued growth.”
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The deal is expected to complete in the second quarter of this year subject to customary completion conditions being met, including approval from the Australian Foreign Investment Review Board.
Following the acquisition, PB Packaging will operate as a stand-alone business under the name PB Packaging, a TricorBraun company.
TricorBraun will retain the company’s current leadership team and offer positions to all 140 of its employees.
PB Packaging executive general manager Andrew Allsop said: “Over the last 32 years, we’ve solidified our reputation as one of the most respected distributors of packaging materials and services in Australia.
“We look forward to continuing our service to customers, with TricorBraun’s support, resources and investments in our growth.”
In October last year, TricorBraun acquired Cormack Packaging, a company that supplies rigid packaging in Australia and New Zealand.
Last week, the company agreed to acquire US-based flexible packaging distributor PBFY from Pacific Western Sales (PWS) for an undisclosed sum.
PBFY provides flexible packaging services for brands in the food, coffee, tea and health and beauty sectors.
TricorBraun will integrate the company into its flexible packaging business, TricorBraun Flex, following the acquisition.