The Ontario Teachers’ Pension Plan and Ares Management Corp. are both acquiring a majority interest in U.S.-based packaging company TricorBraun.

The packaging company’s management team will continue to lead TricorBraun following the close of the transaction and its leadership team will also retain a significant investment in the company, as will its current majority owner, AEA Investors.

Read: Ontario Teachers’ invests in online education co., credit lender

“TricorBraun is uniquely positioned to serve the requirements of the packaging industry,” said Karen Frank, senior managing director of equities at the Ontario Teachers’, in a press release. “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.”

Court Carruthers, president and CEO of TricorBraun, added: “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. We’ve 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.”

Copyright © 2021 Transcontinental Media G.P. Originally published on benefitscanada.com

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