Transcontinental Inc. has announced the acquisition of all of the shares of Flexstar Packaging Inc., a flexible packaging supplier based in the Vancouver suburb of Richmond, British Columbia. The company specializes in converting high barrier film, including printing, lamination and pouch making, for the cereal, confectionery, snack, frozen food and coffee markets. With more than 120 employees, Flexstar Packaging Inc. generated about C$36 million in revenues for the last 12 months ending in July 2016.
“I am proud of this latest acquisition in our strategy to grow our flexible packaging network as it is our first in Canada,” says François Olivier, president and CEO of TC Transcontinental. “Flexstar enables us to extend our footprint to the West Coast, providing us a coast-to-coast platform to better optimize our production. In addition, it brings us new manufacturing capabilities with film extrusion, a complementary sales force and the ability to generate synergies. We are delighted to welcome the leadership team and employees of Flexstar who have contributed to the company’s remarkable success over the past few years”.
For the past 11 years, Flexstar Packaging Inc. has been owned by a group of Vancouver-based investors led by Stern Partners Inc., a group that included the president and CEO of Flexstar Packaging Inc., Marc L. Bray, who is staying on with TC Transcontinental.
Bray adds: “We are very excited to join a leading Canadian company like TC Transcontinental, a family business with a strong manufacturing expertise and strategic growth plans in the flexible packaging sector. We believe our core values align very well with TC Transcontinental and are pleased to be a part of its North American packaging platform. We look forward to joining the TC Transcontinental Packaging team and using our combined strengths to serve our customers with a continued focus on service and quality.”
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