NORTH HAVEN, Conn. (News release) -- Unicorr Packaging Group announced the acquisition of TriState Container Corporation ("TriState" or "the Company"). The acquisition will expand Unicorr's product offerings and geographic footprint while enhancing manufacturing capabilities.
For over 70 years, TriState has provided corrugated packaging products and services to customers located in the Northeastern United States. The Company operates out of three facilities in the Philadelphia-area. TriState has the capabilities to manufacture highly customized corrugated packaging of any size, including high-graphic packaging products through its ProCorr brand, and has recently installed a single-pass digital press. The acquisition will expand Unicorr's manufacturing footprint into Pennsylvania, offering increased capability and flexibility for both Unicorr and its customers.
"This acquisition strategically marks the next phase of growth for both Unicorr and TriState, and combining capabilities, services, and expertise across all locations will offer significant benefit to our customers," said Unicorr CEO, Hap Perkins. "The geographic expansion and strong cultural fit along with the potential for cross-selling opportunities makes the combined company well-positioned for growth."
Unicorr like TriState is a multi-generation family-owned business. Hap Perkins runs the business alongside his three sons, Matt, Nick, and Jim. The TriState and ProCorr brands, which have long been established in the Philadelphia-area, will remain and the Company will operate as a subsidiary of Unicorr. Allen Friedman, President of TriState, said, "My grandfather founded this company over 70 years ago and through the years the most important thing at TriState has always been the customer. I wanted to find a partner that shared these values and that would continue to steward the company in the right direction. Unicorr's complementary capabilities and geography make them an obvious choice from a business perspective, but greater than that is their legacy as a family-owned business and their recognition in the market for serving their customers. I look forward to continuing with TriState, growing the combined entity, and preserving the legacy built by my grandfather alongside the Perkins family."
Beyond being a strong cultural fit, the combined businesses will be able to provide virtually all types of corrugated packaging from standard brown box to high-end graphic packaging as well as sizes from mini to jumbo to customers based in the Northeast. Unicorr also provides protective packaging products consisting of foam, wood crates, and pallets, and supplies. Nick Perkins, Director of Operations at Connecticut Container, said, "TriState's current business model combines well with our offerings. We look forward to leveraging our Göpfert with their new single-pass digital machine and extensive brown box capabilities."
"Overall, we are very pleased with the TriState Container transaction. Allen and his family have built a great company that is well-known in the tri-state market. We are very excited for the next steps for the combined entity and look forward to continuing the Friedman family's legacy.", said Matt Perkins, General Manager of Massachusetts Container.
Allen Friedman will remain with the Company as the Vice President of TriState Container and Jim Perkins will be joining the TriState management team.
P&M Corporate Finance (PMCF) served as financial advisor to TriState in the transaction. Bodman PLC served as seller's legal counsel while Wiggin and Dana LLP advised Unicorr in the transaction.