Close the Loop, an end-to-end solutions provider from design and manufacturing, through to collection and recycling of products, has acquired leading seafood commercial packaging provider, Oceanic Agencies for $3.25 million.
The acquisition marks Close the Loop’s entry into the bulk commercial seafood packaging industry, a growing and highly complementary sector to its existing seafood business offering and delivers on the company’s strategy to grow within the niche packaging and recycling space.
“We are delighted to have acquired Oceanic Agencies – a company at the forefront of new and innovative sustainable packaging and material handling products for the Australian seafood industry,” said group chief executive officer Joe Foster.
“The acquisition delivers on our strategy of further growth within the niche packaging and recycling space and provides further diversification of our circular economy solution.
“We will combine Oceanic Agencies leading position in seafood packaging and growing customer base with our leadership in the global circular economy for packaging to further enhance our packaging and recycling offering across Australia and worldwide.”
The impact of COVID-19 has accelerated he seafood industry’s implementation of branded packaging and product recognition, resulting in a substantial increase in the supply of different styles pf packaging.