Wildpack acquires can filling business

Wildpack Beverage has announced that it has entered into a binding agreement to purchase Vertical Distilling, a aluminium can filler, for cash consideration of $4,500,000.

Vertical, a can filling company with a history of cash flow positive operations, is the leading filler in Colorado, US, and the surrounding states, which is an important region in the middle market beverage industry and integral to Wildpack’s growth strategy.

Vertical comes with an established sales force, operational expertise and entrenched customers. Wildpack anticipates that there will be numerous synergistic opportunities arising from the Acquisition, including the addition of more shifts, the removal of throughput pinch points with light capital upgrades and the installation of new capabilities. These synergies will be unlocked pursuant to Wildpack’s standard ramp-up strategy following closing.

Thomas Walker, Chief Growth Officer commented: “We have successfully completed two acquisitions pursuant to our previously announced letters of intent and are excited to see the third deal move to the definitive agreement stage. The completion of consecutive acquisitions and the signing of this definitive agreement demonstrates our ability to efficiently discover, assess and close on targets that fit our strategic business plan.

“We are continuing to build our M&A team and believe the success of our acquisition strategy will be a critical aspect of our overall business strategy.”

“Every facility we add to our portfolio further solidifies our standing as a leading middle market beverage manufacturer and provides us with an economic moat. We have been effectively leveraging our near-term aluminium can advantage into our long-term facility network advantage ahead of our schedule and accretion targets.”

“Our M&A, integration and upgrade teams are efficiently carrying out our growth strategy. We are one additional facility acquisition away from achieving our 2021 facility goals” added Mitch Barnard, CEO.

Subject to certain conditions, Wildpack anticipates that the Acquisition will be completed prior to the end of August, 2021,

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