Transcontinental Inc. (TSX: TCL.A TCL.B) announced today that it has acquired Banaplast S.A.S., a flexible packaging company founded in 2009 and based in Armenia, Colombia. Banaplast is active in the protection of crops in the banana and plantain agro-industrial sector and other fruit plantations.
“The acquisition of Banaplast is aligned with our growth strategy of innovation and proximity to key markets in the agro-industrial segment” said Ricardo Garcia Merlo, Senior Vice President and Managing Director, Latin America at TC Transcontinental Packaging. “With Banaplast we are expanding our offering, namely with banana tree bags and agro-mulches, and our network with the addition of Banaplast to our existing operations in Costa Rica, Ecuador, Guatemala and Mexico. This acquisition opens new and exciting opportunities to better serve our customers”.
“We welcome Banaplast to the TC family”, added Thomas Morin, President of TC Transcontinental Packaging. “Banaplast has a proven growth record, based on the successful combination of innovation, customer focus and great products, in line with TC’s strategy in the region. The banana market is a perfect example of the value of our packaging as it improves crop yield with active ingredients in film, protects crops during the growing cycle and extends shelf life for export”.
According to the founders of Banaplast, Angela Maria Jaramillo Botero and Juan Carlos Fajardo Pulido, “We are pleased that Banaplast is joining TC Transcontinental, a corporation with a successful 45-year history. We are inspired by their entrepreneurial spirit, their long-term growth vision, and the company’s strong set of values. We are confident that Banaplast will thrive within TC.” The founders of Banaplast were advised on the transaction by Vistra Advisors.