Close the Loop Limited, an end-to-end solutions provider from design and manufacturing, through to collection and recycling of products, has strengthened its position in the bulk packaging market with the acquisition of Crasti & Co.
Established for more than 25 years, Crasti & Co is one of Australia’s largest Flexible Intermediate Bulk Container (FIBC) and bulk packaging suppliers with clients within major industries such as food manufacturing, construction and primary industries.
Crasti & Co is a market leader in ensuring that all its FIBCs meet stringent Australian safety standards and has led the industry in developing these strict standards over many years. It is a direct importer, national wholesaler and distributor and supplier to a large number of business-to-business clients, including multinationals, national corporates, and major government departments. Its Australia-wide client base is spread across a diverse industry base with no one client representing more than 6.3 per cent of total annual sales.
The company has had sales growth of almost 30 per cent since 2017 and is a founding member of the Australian Flexible Intermediate Bulk Container Association (AFIBCA).
The acquisition marks Close the Loop’s expansion into the bulk packaging market and provides a complementary market and product fit to its existing OF Packaging business. It follows the acquisition in December 2021 of commercial and bulk seafood packaging provider, Oceanic Agencies.
Joe Foster, Group Chief Executive Officer said: “We are thrilled to be entering additional markets for Close the Loop via this acquisition of Crasti & Company. Entering into the bulk packaging market was a logical next step for Close the Loop as it provides us with a highly complementary market space and product suite to our existing packaging offering.
“Crasti & Company not only gives us ownership of a leading Australian FIBC provider, but also provides strong sales growth and profitability and a diverse suite of well-established and loyal clients. The acquisition delivers on our strategy of growth via acquisition and further expansion within the niche packaging sector.
“The combination of Crasti & Co’s expertise in FIBCs and our leadership in the global circular economy for packaging will increase our capability to reduce the amount of waste that ends up in landfill and instead, gets recycled back into new products.”
For more information, visit: www.ctlgroup.com.au