TC Transcontinental Acquires Ultra Flex Packaging
- Published: September 23, 2015
MONTREAL, QC, CANADA | TC Transcontinental, a printer with operations in print and digital media, flexible packaging, and publishing, has entered into a definitive agreement to acquire Ultra Flex Packaging Corporation, a supplier of flexible packaging, Brooklyn, NY, for US$80 million to be paid in cash at closing plus an additional consideration payable subject to attaining pre-established financial targets.
Ultra Flex Packaging employs close to 300 people and generated US$72 million in annual revenues and US$12 million in operating income before amortization in its last fiscal year. The transaction is subject to regulatory approval in the US and is expected to close before the end of our fiscal year. "This acquisition builds on our Capri Packaging acquisition last year and is part of our strategy to ensure our future growth path through diversification," says François Olivier, president and CEO of TC Transcontinental
“This latest acquisition expands our footprint in the US, gives us access to a national sales force, and to new vertical markets and manufacturing capabilities. Once the acquisition has been completed, we will report annualized revenues of over US$150 million in our packaging division. The three co-owners of Ultra Flex Packaging have agreed to stay on to ensure a smooth transition, provide continuity, and support future growth. We are very optimistic of our growth prospects in this area and look forward to welcoming our new employees soon."
“We are very pleased to join TC Transcontinental," says Eli Blatt, founder and CEO of Ultra Flex Packaging. “While we bring to the table industry knowledge, a highly skilled workforce, and a national sales team, TC Transcontinental brings strong leadership, financial means, and decades of manufacturing experience. Together we have what it takes to build the foundation for future growth.”
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