£3.1m deal for manufacturer all packaged up
A LISTED plastics group has acquired Hessle-based business Synpac.
Plastics Capital has bought the specialist manufacturer of vacuum and food processing bags, which turned over £4.4m in the year to 31 March.
The same year it returned pre-tax profits of £800,000.
Plastics Capital said that Synpac’s factory and head office, noted as fixed assets on the balance sheet, would not be included in the deal.
Faisal Rahmatallah, chairman of Plastics Capital, commented: “We are very pleased to announce the acquisition of Synpac Limited.
“Synpac is a business that meets our acquisition criteria, namely specialty products, high recurring revenues with loyal customers, limited competition and healthy financial performance.
“It is complementary to our other Films Division businesses and this should enable us to achieve significant synergies in due course through cross selling, operational efficiencies and cost savings.”
The RSM team, led by corporate finance partner Steve Hubbard with support from Martin Athey and James Atkinson, acted for the shareholders of Synpac on the transaction.
Clarion’s Richard Moran, Rachel Dean and Rachel Stockley acted as legal advisors to the shareholders. Doug Land, Nicola Curry and Teresa Wilcocks acted as legal advisors to Plastics Capital plc.
