The deal most notably bolsters the TricorBraun business in healthcare, as Keith Strope, executive chairman of TricorBraun, acknowledges in a media release about the recent acquisition. But the new partnership brings new beauty clients and capabilities to TricorBraun as well: “Package All has significant expertise in rigid packaging for the healthcare industry,” Strope tells the press. “We are excited about the opportunities this acquisition creates to provide customers of both companies with expanded services.”
Planned growth
TricorBraun has been openly pursuing strategic acquisitions since last September. That’s when the company acquired cosmetic, food, and pharma packager Continental Packaging Associates.
And it was at that time when Strope made the company’s plans for accelerated growth clear, stating in a press release that, “We see tremendous opportunity to continue our leadership position in the packaging industry,” and emphasizing "that TricorBraun will continue to pursue both acquisitions and organic growth,” as the company’s release notes.
“Bobby Sood, who is joining TricorBraun as Senior VP mergers and acquisitions, will work closely with me in these endeavors,” added Strope.
Better together
Going forward, Package All Corp (along with its reliable leadership and business practices) will operate as a wholly owned subsidiary of TricorBraun. “There is strong equity in the Package All name and business model, created by founder Drew Weidhorn and by Phil Padgett as President and CEO, and we will continue using both,” Strope tells the press. “We want to capitalize on the strong legacy built by Drew and Phil.”
Court Carruthers, president and CEO of TricorBraun, puts it this way, “Everything will be business as usual, with new momentum. We want to leverage Package All's business model and grow with it. Package All’s seven locations and more than 350,000 square feet of warehouse space will expand TricorBraun’s overall offering.”
That new momentum will come from the scale and scope of TricorBraun’s existing infrastructure, as Padgett explains: “We are extremely proud of the company we and our teammates have built together. Partnering with TricorBraun….will provide Package All and our customers immediate access to new products, a larger supply chain, and expanded services, such as design and engineering.”
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Deanna Utroske, CosmeticsDesign.com Editor, covers beauty business news in the Americas region and publishes the weekly Indie Beauty Profile column, showcasing the inspiring work of entrepreneurs and innovative brands.