Green packaging company BioPak, which calls companies like McDonald’s, Woolworths and Qantas clients, has acquired Australian-based reusable cup company, Huskee.
The deal hopes to strengthen the two companies’ shared vision towards a circular economy and a world without waste, they said in a statement.
Huskee will continue to operate with its team, but the new ownership will accelerate the expansion and release of new products.
“This partnership opens the door to an array of exciting new circular solution reusable products and services that will be seamlessly integrated into BioPak’s offering, enabling us to better serve our ever-expanding global customer base,” BioPak’s CEO, Gary Smith, says.
“BioPak’s long-term strategic direction is to drive significant investment into the reusable market, with Huskee’s impressive cup exchange program and end-of-life recycling program being perfectly aligned with our vision towards circularity.”
Huskee founder, Saxon Wright, says there was synergy and alignment between the brands.
“At Huskee, we recognise that a vision of having a waste-free world is one that cannot be done on our own, but one that needs collaboration across industries,” Wright says.
“With this, BioPak’s values and ethos are perfectly aligned with Huskee’s commitment to the environment, and we see this as a significant step forward in helping us continue to build scalable ecosystems that seek to reduce waste, encourage the reuse of goods and recycle materials to enable the transition to a waste-free world.”
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In the near-two-decades since its launch, BioPak has amassed over 11,500 customers – including big names like McDonald’s, Woolworths, Aldi, Qantas and Commonwealth Bank – and, last financial year, it posted $345 million in net sales and $27 million in profits. The company is 80%-owned by Swedish listed packaging company, Duni Group, and when Five V capital took a 25% stake in the business in 2022 for $65.8 million, the company was valued at $275 million.
In January, BioPak’s CEO told Forbes the coming 12-18 months would see the business embark on its M&A strategy, and launch into the reusable markets as well as continued geographical expansion.
“Our current products, customer base and territories however will be our major focus as they continue to offer growth opportunities – and we find supporting them, developing constant process and technology improvements, as well as research and development, and sustainable leadership the core competencies of our business,” Smith said at the time.
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