Packaging giant snaps up North-West firm
Lincolnshire-based Coveris has acquired Initial Packaging Solutions for an undisclosed sum.
Initial Packaging Solutions is based in Widnes in Cheshire and specialises in the production of tamper evident bags for use in the mailing and courier, e-commerce, finance and diagnostics industries. Robert Croft and Lee Childs will remain in their current roles as managing firector and finance firector.
Coveris, a European packaging company with its UK headquarters in Spalding, manufactures packaging for some of the world’s most biggest brands protecting a wide range of products including food and pet food, medical devices, industrial and agricultural products. The firm operates 27 sites across Europe with 4,300 employees.
RSM’s M&A and private equity team have advised the shareholders of Initial Packaging Solutions
Croft: “We would like to extend our thanks to the team at RSM for working tirelessly, steering us through the process and providing invaluable advice. We see today’s acquisition as a great fit for both our organisations and are excited for what the future holds for Initial and Coveris going forward.”
Jakob A. Mosser, CEO Coveris, said: “We are delighted to welcome Initial Packaging to the Coveris family. In combination with the existing Coveris world class capabilities in the fields of extrusion, printing and conversion, Initial Packaging bring a wealth of experience and expertise which will add greatly to our customer offering in the highly attractive global tamper evident packaging market.”
Helen Brocklebank, mergers and acquisitions director at RSM, said: “The market for specialist and tamper evident bags has experienced continuous and solid growth, as a result of growing e-commerce and the need to deliver products securely and safely. Acquisition of a strong strategic partner in Initial Packaging Limited will give Coveris access to new markets and expand its capabilities in this high growth area. We are delighted to have supported the shareholders and wish them and Coveris, the best with developing the business.”