Transcontinental, a Canada-based media and marketing activation solutions provider, has signed a deal to takeover Capri Packaging, a division of dairy firm Schreiber Foods, in a $133m deal.
The acquisition, which is subject to regulatory approval, includes two facilities in Clinton, Missouri, with a workforce of 200. The plants generate revenues of $72m.
The deal also includes a ten-year agreement pursuant to which Capri Packaging will be a supplier of printed flexible packaging to Schreiber Foods. The agreement represents 75% of Capri's revenues.
Transcontinental president and CEO Fran ois Olivier said, "This acquisition represents an important strategic move for the Corporation into a new promising growth area. It is part of our strategy to ensure our future growth path through diversification.
"We are very excited to partner with Schreiber Foods Inc. for the long term, which will provide us with a recurring revenue stream, and look forward to fostering our relationship over the coming years."
