TC Transcontinental shareholders approve US$1.5B sale of packaging division to ProAmpac

USA – Shareholders of TC Transcontinental have overwhelmingly approved the sale of the company’s packaging division to US-based flexible packaging producer ProAmpac Holdings, clearing a major hurdle for one of the sector’s largest transactions in recent years.

The deal was approved at a special shareholder meeting, with 99.98% of votes cast in favour, well above the required approval threshold.

The transaction was first announced in December 2025, when ProAmpac agreed to acquire all shares related to TC Transcontinental’s packaging operations for US$1.51bn.

Completion of the sale is expected in the first quarter of 2026, subject to regulatory approvals and customary closing conditions.

Once finalized, the acquisition will significantly expand ProAmpac’s global manufacturing footprint.

The company plans to add packaging production sites across North America, Latin America, the UK, and New Zealand, strengthening its position as a global flexible packaging supplier serving multinational brand owners.

For the 12 months ended 27 July 2025, TC Transcontinental Packaging reported revenues of approximately US$1.2bn.

The business operates 25 production facilities and employs around 3,500 people. Its customer base spans a wide range of end markets, including agriculture, beverages, consumer goods, and home and personal care.

Following the divestment, TC Transcontinental will continue to focus on its remaining operations in retail marketing, printing, and French-language publishing, sharpening its strategic focus outside packaging.

At the time of the deal’s announcement, Isabelle Marcoux, Executive Chair of TC Transcontinental’s Board, said the company had found “an exciting new home” for its packaging business.

She added that ProAmpac’s customer-centric culture closely aligns with that of TC Transcontinental, positioning the combined business to deliver increased value to customers while offering continuity and opportunity for employees.

ProAmpac is owned by Pritzker Private Capital (PPC), in partnership with the company’s management team and other investors.

The acquisition further consolidates ProAmpac’s position amid ongoing consolidation across the global flexible packaging sector.

CD&R gets bank support to acquire Sealed Air

The transaction comes as private equity continues to drive large-scale consolidation in packaging.

In related news, banks are preparing to raise approximately US$7.9bn in debt financing to support Clayton Dubilier & Rice’s (CD&R) proposed acquisition of Sealed Air Corp, according to reports by Bloomberg.

The financing package is expected to include a high-yield bond offering with yields of between 7% and 7.25%, alongside around US$4.5bn in leveraged loans split between US dollar and euro tranches.

Institutions involved in the syndicate reportedly include JPMorgan Chase, Wells Fargo, BNP Paribas, Goldman Sachs, and UBS, with additional commitments from Mizuho, Citigroup, and Royal Bank of Canada.

Funds affiliated with CD&R agreed in November to acquire Sealed Air, best known for inventing Bubble Wrap, in a deal valuing the company at US$10.3bn.

The transaction is expected to close by mid-2026, after which Sealed Air will operate as a private company headquartered in Charlotte, North Carolina.

Together, the TC Transcontinental–ProAmpac and Sealed Air transactions highlight sustained investor confidence in packaging assets, underpinned by resilient demand, innovation in sustainable materials, and long-term growth across consumer and industrial end markets.

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