While announcing its latest acquisition, rigid packaging supplier TricorBraun Holdings Ltd. also reported it is bringing on board an executive experienced in mergers and acquisitions.
TricorBraun said Sept. 18 that it acquired Continental Packaging Associates, a third generation, family owned packaging supplier in Bensalem, Pa. In the same announcement, the company said Bobby Sood will become senior vice president of mergers and acquisitions.
The announcements follows TricorBraun's acquisition of Salbro Bottle Inc. of Woodbridge, Ontario, to boost its stake in 3D printing and rapid prototyping. That move was made three months ago.
TricorBraun will consolidate CPA's Bensalem operation with its other Pennsylvania-area locations "in the near future," said TricorBraun vice president of brand marketing Suzanne Fenton in a phone interview. CPA has distribution operations in Bensalem, and like TricorBraun does not manufacture packaging but supplies it from various sources according to a customer's requirements. CPA handles a range of plastic, glass and corrugated paper for food, industrial, pharmaceutical and cosmetic industries. Fenton said the two company's product lines are similar but the deal strengthens TricorBraun's presence in northeastern United States.
Former CPA owners Howard, Alan and Todd Feldman will continue with the business in management positions. The business they sold was a division of Feldman Brothers Bottle Supply Co., also based in Bensalem.
CPA will do business as TricorBraun and will access the latter's design, engineering and global sourcing resources.
"We're excited about becoming part of a smart, savvy organization with global capabilities," stated Alan Feldman, who was CPA president and CEO, in a news release.
Meanwhile on the executive front, Sood comes in from a former post as managing director and a member of the shared leadership of the industrials group for GCA Corp., a major investment banker and mergers and acquisitions specialist with global operations. GCA Corp. is based in Tokyo and trades on the Tokyo Stock Exchange. Its U.S. offices, as GCA Advisors LLC, are in New York and San Francisco.
TricorBraun President and CEO Keith Strope said in a news release that his company will continue to pursue acquisitions and internal growth.
"Bobby Sood, who is joining TricorBraun as senior vice president of mergers and acquisitions, will work closely with me in these endeavors," he said.
Sood joined GCA in March 2014. In his more than 15 years in investment banking, he advised on more than $25 billion of merger and acquisition transactions and $20 billion of financing, according to his Bloomberg profile. During much of that time he focused on the industrials sector. Previous employers included Banc of America Securities, Royal Bank of Canada, Credit Suisse and Ernst & Young. He attained a B.S. in business administration from Boston University and an M.B.A. in finance and international business from the University of Chicago Booth School of Business.
GCA's recent mergers and acquisitions activity included acting as financial advisor this year for Austrian packaging supplier Alpla on its acquisition of Boxmore Packaging of Johannesburg, South Africa. Boxmore specialized in PET preforms, bottles and closures at nine production locations employing about 1,000. Alpla employs about 18,300 in 45 countries making packaging for food, beverage, cosmetics and cleaning industries.
TricorBraun is one of the largest distributors of rigid packaging in North America, supplying plastic and glass containers, closures, dispensers and tubes. It manages more than 40 facilities in North America, England, China, Hong Kong and India.