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P&M Corporate Finance (“PMCF”) is pleased to announce that it served as the exclusive financial advisor to TriState Container Corporation (“TriState” or the “Company”) on its acquisition by Unicorr Packaging Group.
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.”
Allen Friedman selected PMCF’s Plastics & Packaging Group to serve as his exclusive financial advisor/investment banker in the transaction. Allen commented, “I am very pleased that we had PMCF as our advisor for this transaction. Their approach is much different than the other investment banks I spoke to, and it turned out to be just what we needed to navigate the complexities of planning for and executing a once-in-a-lifetime transaction. John Hart and his team clearly know the corrugated packaging industry and were very hands-on throughout the process. I would highly recommend PMCF to other business owners seeking to execute a transaction.”
Also commenting on the transaction was John Hart, Managing Director and Leader of PMCF’s Plastics & Packaging Group. “We were proud to represent TriState Container in this transaction. Allen and his team have built a highly successful corrugated packaging company that provides broad capabilities and best-in-class service to their customers. It was an honor to work with a great group of people at TriState and we believe Unicorr is a perfect fit for the next chapter of the company’s long history.”
The transaction closed in October 2023. Bodman PLC served as the seller’s legal counsel while Wiggin and Dana LLP advised Unicorr in the transaction.
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Based in Bensalem, Pennsylvania, TriState provides corrugated packaging to a wide array of end markets through both distribution and direct channels. TriState operates as a one-stop-shop across its three facilities offering design and engineering, manufacturing, shipping, and warehousing. The company has become a leader in the tri-state area due to its extensive capabilities and focus on customer service. (www.tristatecontainer.com)
Founded in 1946, Unicorr is among the largest converters of custom corrugated products and protective packaging in the Northeast. Headquartered in North Haven, Connecticut, Unicorr has six manufacturing facilities in four different states with the ability to manufacture and distribute a wide range of packaging including corrugated containers, high graphic displays and retail packaging, wood crates and pallets, foam, distribution products, and more. Driven by a strong team culture and valued suppliers, the company practices lean thinking to promote efficiency, sustainability, and the elimination of waste along with a customer-partnership philosophy. (www.unicorr.com)
PMCF is a client-centric middle market investment bank providing merger and acquisition advisory services to private, public, and private equity owned companies worldwide. We combine our expansive industry and transactional expertise with highly engaged, senior-level bankers to create tailored solutions for all our clients. PMCF helps clients meet their sale, acquisition, financing, and strategic growth objectives through a broad range of services, including sale advisory, acquisition advisory, capital raising, transaction planning, and strategic advisory. We have dedicated professionals focused on plastics & packaging, business & technology services, industrials, healthcare, and consumer & retail industries.
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