O F Packaging has officially acquired seafood packaging specialist business Oceanic Agencies, ahead of its merger with Close the Loop, and listing as Close the Loop Group on the ASX on 2 December.
The acquisition was funded by a capital raise by O F Packaging prior to the listing, which sought out $12 million, and was “oversubscribed by more than double” O F Packaging managing director and Close the Loop Group CEO, Joe Foster, told ProPack.pro.
Oceanic Agencies has been around for 11 years, with Foster, saying it is a natural bolt on for O F Packaging – and therefore Close The Loop Group – to help the business going forward.
“Seafood packaging is one of the specialised markets within O F Packaging,” he added.
The total cost of the acquisition came to $3 million.
On the eve of the ASX-listing, ProPack.pro asked Foster if he’s feeling nervous ahead of tomorrow, who responded, “just a bit nervous. It still hasn’t sunk in.
“Once the bell rings and shares start to trade on the market, I’ll be relieved. It’s been an amazing journey over the last eight months. There has been a lot of hours, people working tirelessly in the background to make this happen.
“It will be a positive move once things start to trade. The hard work starts now, it’s a matter of delivering what we set out to deliver.”
Post-listing, Close The Loop Group is celebrating with an event at Melbourne’s Crown Casino on December 8, set to start at 6:00pm.
Expecting some 150 guests, Foster tells ProPack.pro that the event will be attended by a wide-ranging crowd, from the financial experts that helped with the merging and listing, to people from resource recovery and specialised recycling space, along with industry experts involved in the business, customers, and OEMs working alongside O F Packaging and Close the Loop Group.
“It’s a whole cross section of people who are very much involved in the business and industry,” Foster said.
The event is an early chance for the company to get its message to market, pushing what the soon-to-be listed entity can offer in terms of circular integration between O F Packaging and Close The Loop.