Opal completes sale of Australian and New Zealand bags business to Magan Group affiliate
Opal has completed the sale of its Australian and New Zealand bag manufacturing operations to Thomastown Bag Solutions Pty Ltd, an affiliate of US family office The Magan Group, trading as Bag Solutions Partners. The deal closed on 1 October 2026, with the Australian business continuing to operate from its Thomastown, Victoria site and the New Zealand unit transitioning over coming weeks. Opal said the divestment lets it concentrate on its integrated recycling, paper and packaging operations.
Why this mattersThe disposal narrows Opal's portfolio to core fibre-based packaging and recycling, a pattern of integrated producers shedding non-core converting units.
- Sale completed 1 October 2026
- Buyer is Thomastown Bag Solutions Pty Ltd, trading as Bag Solutions Partners, an affiliate of The Magan Group
- Deal covers Opal's Australian and New Zealand bag manufacturing business
- Australian operation continues from the Thomastown site in Victoria
- New Zealand business to transition over coming weeks
- The Magan Group says it has completed 30 similar divestment acquisitions
Sources
packagingnews.com.au