Continuing its consolidation strategy today Pro-Pac Packaging acquired the business and assets of Source and Sell and Stronghold wholesale.
To date, Source and Sell have supplied packaging products to the food industry while Stronghold Wholesale is a niche distributor of industrial strapping, stretch wrap and tape products.
The combined revenue of the two acquisitions is estimated to be $10 million per annum.
Commenting on the acquisitions was Pro-Pac’s CEO, Brandon Penn, said they provide “good cross-selling opportunities as both businesses bring together new customers and new products”.
“The purchase of these businesses provides Pro-Pac with further critical mass at the respective regional operations,” he said.
The announcement comes after Manufacturers’ Monthly reported PaperlinX would acquire Canterbury Packaging NZ.
The New Zealand firm is a distributor of industrial packaging consumables, hygiene, safety, and hospitality products, and has an annual turnover of around $2.9 million.
At the time Andy Preece, ANZA region executive general manager, stated that "the acquisition of Canterbury Packaging is a small but significant further step in our diversified products strategy.
"This acquisition will provide a building block for Spicers NZS to diversify….the additional packaging consumables will build on the existing strong market position of Spicers," Preece said.