St. Louis-based packaging supplier TricorBraun said it entered into a definitive stock purchase agreement with funds managed by Ares Management Corp.’s Private Equity Group and Ontario Teachers’ Pension Plan Board. Ares and Ontario Teachers’ will acquire a majority interest in the company.

TricorBraun said its management team, including Executive Chairman Keith Strope and President and CEO Court Carruthers, will continue to lead the company following the close of the transaction. TricorBraun’s leadership team will also retain a significant investment in the company, as will its current majority owner, AEA Investors.

“Ares and Ontario Teachers’ are the right partners to help us expand on our steady growth as we continue to build the best place for the best people in packaging,” said Carruthers. “We have had a tremendously successful partnership with AEA, culminating with record sales in 2020, and we look forward to working with Ares and Ontario Teachers’ to deliver even greater value to our customers and suppliers over the coming years.”

TricorBraun said it is North America’s largest primary packaging distributor and one of the largest providers of packaging in the world. From rigid to flexible packaging, stock and custom capabilities, and countless options of materials, industries and markets served, TricorBraun’s range of packaging solutions sets it apart.

TricorBraun said it expects the transaction to close in the first quarter of 2021; it is subject to customary closing conditions and regulatory approvals.