CPE News (3/9/2021) – TricorBraun, a portfolio company of Ares Management Corporation (NYSE: ARES) and Ontario Teachers’ Pension Plan Board, has acquired RODA Packaging. Financial terms were not disclosed.
Founded in 1983, Laval, Québec based RODA Packaging supplies rigid plastic packaging components such as containers and closures, as well as fibre cartridges for adhesives and sealants. As part of the RODA acquisition, TricorBraun will also acquire Rada Industries.
All team members, including owner and CEO Berthiaume, will remain with TricorBraun. The team will continue to work out of the company’s existing locations in Quebec, becoming part of TricorBraun Canada. Effective with the acquisition, RODA Packaging will operate as RODA, a TricorBraun company.
Founded in 1902, St. Louis, Missouri based TricorBraun is North America’s largest distributor of primary packaging.
On March 4, 2021, Ares Management Corporation’s Private Equity Group and Ontario Teachers’ acquired a majority interest TricorBraun, in partnership with TricorBraun’s management team including Executive Chairman Keith Strope and CEO Court Carruthers.
photo credit: RODA Packing
TricorBraun Acquires RODA Packaging
Acquisition Further Expands TricorBraun’s Presence in Canada
TORONTO, March 9, 2021 /PRNewswire/ — Global packaging leader TricorBraun announced today that it has acquired Quebec-based RODA Packaging, further expanding its presence in Eastern Canada.
Serving customers for nearly 40 years, RODA is a rigid packaging distributor specializing in the chemicals, sealants, and adhesives markets; it also serves the nutraceuticals, juices, and dry condiments and spices segments. As part of the RODA acquisition, TricorBraun will also acquire Rada Industries.
“Our acquisition of RODA Packaging continues our long track record of growth in Canada,” said Court Carruthers, president and CEO, TricorBraun. “We are very impressed by the strong company Stéphan Berthiaume and his team have built, and with our combined expertise we will service the needs of Quebec-based businesses, along with the customers we support across North America. We are excited to welcome RODA to the TricorBraun family.”
With the acquisition, TricorBraun will continue to strategically invest in Quebec, a market the company has serviced for more than 25 years thoroughly locally-stocked inventory, dedicated team members, and products manufactured by local supplier partners.
All team members, including owner and CEO Berthiaume, will remain with TricorBraun; the team will continue to work out of the company’s existing locations in Quebec, becoming part of TricorBraun Canada. Effective with the acquisition, RODA Packaging will operate as RODA, a TricorBraun company.
“For almost 40 years, RODA Packaging and its dedicated team have been instrumental to the packaging supply chain,” said Berthiaume. “We are excited to join TricorBraun and look forward to this next chapter. Our shared focus on customer service, quality and operational excellence, along with TricorBraun’s broader supplier base and multiple locations, will allow RODA to explore its full potential and offer a more complete range of services to our customers.”
TricorBraun has partnered with management teams to successfully acquire and further accelerate growth for more than 20 packaging companies across North America. RODA Packaging marks TricorBraun’s tenth acquisition in the last four years, and the first under the ownership of Ares Management and Ontario Teachers’ Pension Plan Board.
Terms of the agreement were not disclosed.
About RODA Packaging
Founded in Montreal in 1983, RODA Packaging supplies rigid plastic packaging components such as containers and closures, as well as fibre cartridges for adhesives and sealants. In today’s demanding market across North America, RODA has become an essential contributor to key packaging supply chains.
Founded in 1902, TricorBraun is North America’s largest distributor of primary packaging. We provide innovative solutions across a wide array of customer end markets in plastic and glass containers, closures, dispensers, tubes and flexibles. Our award-winning Design & Engineering Center provides forward-thinking design, driven by consumer insight and creative solutions. As a leading purchaser of packaging in the world, we leverage our global supply chain expertise, expansive and sustainable footprint, and unmatched purchasing power and scale to identify the very best sourcing partners and provide cost-effective solutions for our customers. TricorBraun operates from more than 50 locations globally.