McCarthy Tétrault advising ProAmpac; Stikeman Elliott representing Transcontinental
ProAmpac Holdings Inc. has agreed to acquire TC Transcontinental Packaging (TCP) from Transcontinental Inc. in a deal valued at approximately $2.1 billion (US$1.51 billion), subject to customary adjustments for debt and debt-like items, cash, and net working capital. The packaging division generated about US$1.2 billion in revenue over a year
The deal marks a significant strategic shift involving one of Canada’s most recognizable diversified print and packaging groups. Transcontinental Inc. is widely known domestically for printing, retail marketing services and French-language educational publishing. Over the past decade, the company built a foothold in flexible packaging across North America through acquisitions and investment. The sale of TC Transcontinental Packaging transfers a large packaging platform with meaningful Canadian customer relationships to a new owner. Transcontinental will retain its other Canadian operations.
ProAmpac is positioning the acquisition as a way to extend its reach in protein, dairy and medical packaging, while adding manufacturing capacity in North America, Latin America, the United Kingdom and New Zealand. The company is also highlighting technology priorities that include next-generation barrier films, mono-material structures intended to improve recyclability, and fiber-based solutions. Those themes align with ongoing pressures on brand owners and retailers in Canada to reduce environmental impact while preserving product safety, shelf life and performance. Any benefits will depend on execution in areas such as qualification timelines, commercial-scale availability and acceptance by customers and retailers, especially in categories that are subject to strict performance and regulatory requirements.
“This acquisition is a transformative milestone for ProAmpac and TCP,” ProAmpac founder, vice chairman, and CEO Greg Tucker said in a press release. “Through TCP, ProAmpac is broadening its end-market focus to include protein, dairy, and medical segments, and expanding its geographic presence. Together, we are committed to delivering high-performing and increasingly sustainable packaging solutions to customers.”
Transcontinental Inc. executive chair of the board Isabelle Marcoux said, “Like TC Transcontinental, ProAmpac has built its business with a relentless focus on helping customers succeed. With this common background, I am confident that ProAmpac will be a strong cultural fit for TCP and that the combination will be well-positioned to deliver increased value to customers.”
Stikeman Elliott LLP and Morgan Lewis & Bockius LLP are serving as legal counsel to TC Transcontinental, with CIBC Capital Markets and RBC Capital Markets as financial advisors. McCarthy Tétrault LLP and Kirkland & Ellis LLP are serving as legal counsel to ProAmpac, with Goldman Sachs and J.P. Morgan Securities LLC serving as financial advisors.
The transaction is expected to close in the first quarter of 2026, subject to shareholder approval, regulatory approvals and other customary conditions.
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