Opal announces sale of its bag manufacturing business
Opal is a leading recycling, paper and cardboard packaging manufacturer. As part of its broader strategic focus, Opal has undertaken a detailed review of its bag manufacturing operations in Thomastown, Victoria.
Following this assessment, and after careful consideration, Opal has made the decision to sell its bag business to an Australian entity owned by Thomastown International, Inc., an affiliate of The Magan Group, a U.S. family office exclusively focused on investing in corporate divestitures. The sale is consistent with Opal’s strategic focus on its core integrated recycling, paper and packaging products and services.
The acquisition is expected to complete by 1 September 2026, subject to the fulfilment of the sale conditions.
Opal and the buyer will work closely with our bag customers and suppliers to support a seamless transition once the sale is complete. It’s not expected that there will be any interruptions to production during the transition period.
Simon Nozu, Chief Supply Chain and Procurement Officer Opal said, “This decision was made following careful consideration and supports Opal’s continued focus on its core integrated recycling, paper and packaging products and services.”
About Opal:
Opal is one of Australia and New Zealand’s largest recycling, paper and packaging businesses and is focused on providing customers with products and solutions that replace hard to recycle and single-use plastic packaging.
We design innovative and sustainable products, to support our customers to move towards 100 percent reusable, recyclable or compostable packaging, incorporating recycled content where possible.
About The Magan Group:
The Magan Group is a U.S. family office exclusively focused on investing in corporate divestitures. With 30 completed carveout transactions and deep sector expertise, it brings speed, flexibility, and certainty to divestitures of non-core businesses. Each company within The Magan Group is a separate legal entity that is independently operated and is solely responsible for its own obligations and liabilities.