US-based primary packaging distributor TricorBraun has reached an agreement with private equity firm LBO France to buy premium glass packaging supplier Vetroelite.
The financial terms of the agreement have not been disclosed.
Vetroelite offers an exclusive range of glass containers, including bottles, carafes, flasks and jars, for liquid products, food products, room fragrances and other perfumery, cosmetic and body care products.
The company operates from several locations across Europe and North America and serves customers in 90 countries.
The deal is part of TricorBraun’s global expansion strategy and is intended to strengthen its footprint in Europe.
TricorBraun president and CEO Court Carruthers said: “We are very pleased to expand our European presence with the acquisition of Vetroelite.
“The Vetroelite team has established a strong reputation for high-quality, innovative packaging solutions, fueled by deep expertise and dedicated customer service.
“We are proud to welcome Vetroelite to the TricorBraun family and look forward to supporting Vetroelite’s continued growth.”
Once the deal is completed, which is expected to happen later this month, Vetroelite will operate as a TricorBraun company.
TricorBraun will take on all Vetroelite team members, including CEO Daniele Feletto and the leadership team.
The team will continue to operate from Vetroelite’s existing locations.
Vetroelite CEO Daniele Feletto said: “At Vetroelite, our commitment to providing customers with innovative, distinctive, and high-quality glass packaging drives everything we do.
“We know TricorBraun shares that same passion and purpose, and we are delighted to join such a respected packaging leader.”
LBO France acquired Vetroelite in 2017 and has since made ‘substantial investment and management support’ to expedite its growth.
The acquisition comes after TricorBraun completed its acquisition of family-owned packaging supplier Cormack Packaging earlier this month.
Cormack supplies rigid packaging for the food and beverage, pharmaceutical, personal care, industrial and household cleaning industries. The company operates primarily in Australia and New Zealand.