Packaging: Penn Bottle & Supply is latest TricorBraun acquisition 3769

Though financial terms were not disclosed, the acquisition adds Penn's four facilities in the Eastern U.S. to the more than 40 global locations of TricorBraun, and was the company's twelfth recent acquisition. The deal was effective immediately as of a January 4, 2011 announcement.

"The combination of Penn Bottle's presence in the East with our current business there significantly strengthens our position in that geography," said Keith J. Strope, president and CEO of TricorBraun. "There are a lot of similarities: long, rich histories in the industry, company cultures, and customer service focus. Together, we will provide our customers an even greater array of packaging options designed and engineered to deliver success in their markets."

Begun in Philadelphia in 1920 by Edward Probinsky, Penn Bottle & Supply's current president and CEO, Rich Probinsky, is the founder's grandson. He commented, "This is a huge opportunity. Our focus has always been on providing world-class customer service; a philosophy we share with TricorBraun. We're excited about the additional options and resources that will be available to our customers and personnel as we join the TricorBraun team."

TricorBraun's resources include full-service design, global sourcing, its RapidFind packaging database of more than 32,000 items, and more than 3500 proprietary molds. The company is owned by an affiliate of CHS Capital LLC, a Chicago-based private equity firm.