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NIBC advises on the sale of TRICOR to Tri-Wall Limited

News Release -

NIBC has advised the shareholders of Germany based TRICOR Packaging & Logistics AG (“TRICOR”) on their sale to Hong Kong based Tri-Wall Limited (“Tri-Wall”), a consolidated subsidiary of the listed Japanese company Rengo Co., Ltd. (“Rengo”). With the acquisition, TRICOR becomes part of a leading global network with annual sales of around EUR 5.5bn. This enables them to internationalise the company, serve their customers worldwide and create attractive opportunities for their employees and business partners. As a result of TRICOR’s size and outstanding market position, the transaction has attracted nearly all corrugated packaging companies worldwide. Closing of the transaction is expected before the end of August.

NIBC added value

Given NIBC’s long-standing relationship with TRICOR’s shareholders, and NIBC’s in-depth sector knowledge in the packaging industry, TRICOR mandated NIBC as exclusive financial advisor to assist in the sale of the company. In a highly competitive limited auction process with international strategic bidders, NIBC was able to maintain competition with several bidders until signing. Through smart project management of the advising NIBC M&A team, we were able to maximise results for the shareholders and create satisfying financial and commercial terms.


TRICOR is the largest independent, non-paper integrated corrugated board producer for heavy duty packaging solutions in Europe. The company primarily supplies premium industrial customers in the automotive, chemical, mechanical and electronics sectors throughout Central Europe. The TRICOR Group currently operates some of the newest and most technically advanced sites in Europe including five production locations, one logistics platform and four service centers in Germany, the Czech Republic and Slovenia. Total consolidated output was c. EUR 187m in FY 2018/19. 900 employees are part of the TRICOR Group.

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