Broadtree Partners has sold CanSource, a provider of packaging to the alcoholic and non-alcoholic beverage sector, to TricorBraun, a portfolio company of Ares Management and Ontario Teachers’ Pension Plan Board. Broadtree acquired CanSource in December 2019.
CanSource’s products include sleeved, brite, and printed cans for beer, wine, spirits, energy, coffee, kombucha and other non-alcoholic beverages. The company also provides cap ends, packaging (4-pack and 6-pack holders and trays) as well as graphic design services.
CanSource, led by CEO Paige Sopcic, is headquartered north of Denver in Longmont, Colorado, with additional facilities in California, North Carolina, and Pennsylvania.
“We’ve admired and respected TricorBraun for years and are excited to join a team who shares the same dedication to quality and customer service as we do,” said Ms. Sopcic.
TricorBraun is one of the largest North American distributors of primary packaging including glass containers, closures, dispensers, tubes and flexibles. Customers of the company include numerous consumer packaged goods companies operating in the personal care, household cleaning, food and beverage, healthcare, and nutraceutical sectors. TricorBraun was founded in 1902 and acquired by CHS Capital (then Code Hennessy & Simmons) in 1999. CHS sold the company to AEA in 2004, repurchased it in 2006, and sold it again to AEA in November 2016. In January 2021, TricorBraun was acquired by Ares Management and Ontario Teachers’ Pension Plan Board.
Today, TricorBraun has more than $1.5 billion in annual sales, more than 2,000 employees, and 100 locations in North America, Europe, and Asia. The St. Louis-headquartered company is led by its executive chairman Keith Strope and CEO Court Carruthers.
“Broadtree is very excited about this acquisition and believes that TricorBraun is perfectly suited to further grow CanSource,” said Johannes Zwick, a managing partner at Broadtree. “We are proud of the growth the company has experience with Broadtree and believe that this transaction will further enhance value for the company and its customers.”
Broadtree Partners makes majority investments across a range of industries in privately held and United States-based companies that have up to $75 million in revenue, up to $10 million in EBITDA, and at least 10% EBITDA margins. The firm was founded in 2016 by Managing Partner David Slenzak and is based in Charlotte, North Carolina.
Ares Management (NYSE: ARES) has approximately $378 billion of assets under management and invests in private equity, leveraged loans, high-yield bonds, distressed debt, and private debt. Within Ares, its private equity group manages $35 billion of assets and is currently investing its $5.7 billion and sixth private equity fund. Ares is headquartered in Los Angeles with offices across North America, Europe, Asia Pacific and the Middle East.
Headquartered in Toronto, Ontario Teachers is one of Canada’s largest and most active pension investors with C$247 billion in assets under management. The group has additional offices in Hong Kong and London.
© 2023 Private Equity Professional | August 15, 2023
