McGrathNicol Restructuring has announced the successful sale of PPG’s continuing Australian and New Zealand businesses to Knoxcorp, a privately owned Australian investment company led by Jim Knox.
The Administrators have entered into a Business Sale Agreement for the sale of PPG’s Australian business and assets, excluding the Perfection Packaging business, to Consolidated Packaging Australia Pty Ltd, a subsidiary of Knoxcorp.
Sale completion is expected by early March 2026. The Perfection Packaging business in Dandenong, Victoria, is being wound down and will close in February 2026.
Separately, a Business Sale Agreement has also been executed for PPG’s New Zealand business and assets with Consolidated Packaging Limited, a New Zealand subsidiary of Knoxcorp. Sale completion is expected by the 30th of January 2026.
Both acquisitions are on a going concern basis and provide for the transfer of employment for all current employees, except for those within Perfection Packaging.
“We are pleased to announce the sale of both PPG’s Australian and New Zealand continuing businesses, which represents a positive outcome for PPG’s customers, suppliers and employees,” said McGrathNicol Partner and Administrator Rob Smith.
Knoxcorp is a privately owned Australian investment company founded by Jim Knox and headquartered in Brisbane. It holds and manages a diverse portfolio of enterprises and property developments.
Jim Knox previously owned and operated Cospak, a successful packaging company serving both Australia and New Zealand, prior to its sale to San Miguel Yamamura Packaging in 2009.
”We are delighted with the acquisition of PPG. We look forward to further developing the business and continuing to serve its loyal customers,” he said.
“Local manufacturing remains essential to its customers’ supply chains, and we will make significant investments in machinery to deliver on our core value proposition.”
The proceeds from the transactions will not be sufficient to provide a return to shareholders. Following completion of the transactions, the Administrators will prepare to convene the second meeting of creditors of PPG, details of which will be announced separately.
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