Wildpack Beverage acquires can brokering business
Wildpack Beverage has announced that it has closed the strategic acquisition of KT Murray Corporation dba Land and Sea Packaging, an established high-volume aluminum can brokering business based in Grand Rapids, Michigan, for US$37.2 million.
Terms of the Acquisition of Land and Sea were first announced 1 November 2021, and the purchase price was paid through a combination of US$26.1 million cash and the issuance of 12,718,499 common shares of Wildpack, subject to certain adjustments and holdbacks.
Thomas Walker, Chief Growth Officer of Wildpack said: “Bringing Land and Sea onto the Wildpack team creates great immediate synergies while setting the stage for a new long-term growth avenue. Land and Sea is best-in-class at packaging sales, brokering, and supply chain optimisation.
“We have a thorough integration strategy in place to ensure that Wildpack absorbs the impressive learnings of Land and Sea while offering them the support of our nationwide filling and decorating services.
“Their company culture is a perfect fit for Wildpack and we expect to see some exciting progress from their team. Adding another successful, much larger acquisition under our belt has shown our deal team and process is continuing to prove itself capable of executing and constantly improving. We are confident future acquisitions will continue to be smooth.”
Tim Murray, Land and Sea Packaging Chief Operating Officer said: “Kim and I are extremely excited to join the Wildpack team. Our long-term plan was to expand our business to a second location. This transaction allows us to be part of a larger organisation with 6 locations and a broader offering that includes can decorating and filling with plans to expand to 12 locations in 2022.
“The two businesses are complementary with our focus on the container and cartons and Wildpack’s expertise in decorating, packaging, and operations. The most important part of the transaction for us was the cultural fit. Wildpack’s people-first culture is what convinced us that this was the right move for us and our dedicated team.”