All financial information in Canadian dollars
Dive Brief:
- Cincinnati-based ProAmpac announced Friday that it completed its acquisition of Chicago-based TC Transcontinental Packaging.
- TC Transcontinental received $2.1 billion dollars in cash proceeds, according to that company’s news release. This will allow the Montreal-based company “to focus our resources on our Retail Services & Printing and Educational Publishing activities,” said Isabelle Marcoux, executive chair of the board, in a statement.
- TC Transcontinental said it intends to distribute approximately $20 per share to shareholders, through a reduction of stated capital of approximately $7 per Class A Share and a cash dividend distribution for the balance. The company will release more information about the distribution on March 10 after it releases earnings results for the first quarter of fiscal year 2026.
Dive Insight:
This transaction brings together two of North America’s largest flexible packaging businesses. ProAmpac says this acquisition “achieves a pivotal milestone” in its long-term growth strategy.
The company has been built through dozens of acquisitions, with this deal providing a particularly significant growth surge. The bulk of this activity occurred after Pritzker Private Capital, along with management, acquired the company from Wellspring Capital Management in 2016. Pritzker reupped its investment in 2021, along with GIC, Singapore’s sovereign wealth fund.
In October 2025, ProAmpac acquired International Paper’s bag converting operations; in August, it announced its acquisition of e-commerce packaging specialist PAC Worldwide; and in 2024, it acquired UP Paper and Gelpac.
ProAmpac notes that the deal brings together its own speed to market and advanced material science with TCP’s global manufacturing scale and advanced coatings capabilities. This will allow the company to “accelerate the development of next-generation packaging solutions, including barrier films, mono-material structures, and fiber-based formats,” as well as protein packaging capabilities.
“As we integrate TCP’s advanced packaging technologies and talented team into our operations, we are combining complementary strengths to accelerate the delivery of high-performance, increasingly sustainable packaging solutions and further position ProAmpac as a preferred packaging partner worldwide,” said Greg Tucker, ProAmpac founder, vice chairman and CEO, in a statement.
ProAmpac says it has 80 manufacturing sites and 11,000 employees globally. At the time of the acquisition announcement in December, TCP reported a global presence of 25 production plants and 3,500 employees, with roughly $1.6 billion dollars in annualized revenue.
