Wildpack signs acquisition agreement for CraftPac
by CM Staff
CraftPac, who has a history of cash flow positive operations, is a can decorator in Georgia and the surrounding states, and integral to Wildpack's growth strategy.
VANCOUVER — Wildpack Beverage Inc. announces that it has entered into a binding agreement to purchase, through a wholly owned subsidiary, all of the issued and outstanding securities in the capital of CraftPac, LLC, an established aluminum can decorator for cash consideration of US$2.15 million.
CraftPac, who has a history of cash flow positive operations, is a can decorator in Georgia and the surrounding states, and integral to Wildpack’s growth strategy. Wildpack has substantial depth in its existing salesforce in that region, which it will leverage to undertake planned upgrades to unlock additional capacity within CraftPac, and grow its operations on par with Wildpack’s facility performance targets.
“This acquisition sets the tone for our strategic business plan to buy and build multiple facilities across diverse regions in the USA. Wildpack’s ability to both timely and efficiently reach a binding agreement is a testament to our dedicated and specialized team’s relentless commitment. In addition we were able to seamlessly complete this deal as a result of our streamlined evaluation process and custom integration systems. CraftPac is the perfect fit for our ongoing growth initiative, and we are thrilled with the expertise that we are onboarding along with the facility itself,” said Mitch Barnard, CEO.
Thomas Walker, Chief Growth Officer added, “CraftPac met or exceeded all of the criteria we look for in a target. We are starting from a strong base in the facility with the bulk of the early expansion occurring through adding additional operating shifts versus adding equipment or redesigning processes. Our integration team is fast at work linking their systems into our back office so that we can benefit from the hard work our team put in earlier this year building a platform for these opportunities to plug into.”
The Acquisition is expected to close on or about June 30, 2021 subject to certain closing conditions including receipt of all necessary regulatory approvals.