Canadian beverage manufacturing and packaging firm Wildpack Beverage has agreed to purchase KT Murray, which trades as Land and Sea Packaging.
As part of a binding agreement signed on 1 November, Wildpack’s US subsidiary will acquire all Land and Sea’s issued and outstanding securities for $37.26m.
The total purchase price includes a $26.1m cash consideration and Wildpack common shares worth around $11.2m.
Based in Grand Rapids, Michigan, Land and Sea specialises in providing technical solutions for packaging and container decoration.
The company serves customers in the cleaning, chemical, food and beverage sectors.
The acquisition has helped Wildpack achieve its target of purchasing or developing six facilities by the end of this year.
Land and Sea will also complement Wildpack’s operations in brokering aluminium cans, supply chain forecasting and procurement.
Following the deal, Wildpack will take on all Land and Sea employees, including owner Kim Murray and chief operating officer Tim Murray.
Wildpack CEO Mitch Barnard said: “As we continue to acquire slightly up and down our vertical, we unlock more value for our customers, allowing them to focus on what they do best – sales and marketing – while leaving the rest to us.
“While in and of itself this transaction is transformative for Wildpack based solely on the business, we are equally excited to have Tim and Kim Murray join our leadership team and to stand shoulder-to-shoulder with us as we build Wildpack into the dominant player in the middle market beverage manufacturing industry.”
Land and Sea owner Kim Murray said: “We are extremely excited to join the Wildpack team. We have very similar customer-centric cultures that will result in a seamless transition.
“The added capabilities in the areas of can decorating and contract filling will allow us to better serve our existing customers as a full-service supply chain, packaging and manufacturing provider.
In August, Wildpack agreed to acquire US-based aluminium can filler Vertical Distilling for $4.5m.