Ontario Teachers’ Pension Plan Board becomes part owner of TricorBraun
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Along with private equity group Ares Management Corp., Ontario Teachers' will acquire a majority of shares in the St. Louis-based packaging distributor.
The Ontario Teachers’ Pension Plan Board and private equity group Ares Management Corp. will acquire a majority of shares in St. Louis-based packaging distributor TricorBraun.
The financial terms of the deal have not been disclosed.
In a Jan. 7 news release, TricorBraun said that its management team, including executive chairman Keith Strope and president and CEO Court Carruthers, will continue to lead the company following the close of the transaction. TricorBraun’s leadership team will also retain a significant investment in the company, as will its current majority owner, AEA Investors.
“Ares and Ontario Teachers’ are the right partners to help us expand on our steady growth as we continue to build the best place for the best people in packaging,” Carruthers said in the statement. “We have had a tremendously successful partnership with AEA, culminating with record sales in 2020, and we look forward to working with Ares and Ontario Teachers’ to deliver even greater value to our customers and suppliers over the coming years.”
“TricorBraun is uniquely positioned to serve the requirements of the packaging industry,” said Karen Frank, senior managing director of equities at Ontario Teachers’. “The company has made significant investments in top talent and operations, and will seek to capitalize on those to drive long-term growth in the years ahead. We are thrilled to have the opportunity to partner with TricorBraun through its next chapter.”
The transaction is expected to close in the first quarter of 2021.
Founded in 1902, TricorBraun supplies rigid, flexible, and stock and custom packaging for a wide range of consumer packaged goods companies.
Headquartered in Toronto, the Ontario Teachers’ Pension Plan Board is an independent organization responsible for administering defined-benefit pensions for school teachers of Ontario. It’s also said to be one of the world’s largest institutional investors. From 1994 to 2012 it was an investor in Maple Leaf Sports and Entertainment (MLSE), and at one point owned a majority share in MLSE.
Ares Management is headquartered in Los Angeles.