Packaging firm snapped up by European giant
A Cheshire packaging firm has been sold to a European manufacturing giant.
Widnes-based Initial Packaging Solutions, which specialises in the production of tamper evident bags for use in the mailing and courier, e-commerce, finance and diagnostics industries, has been acquired by Coveris.
The deal sees Robert Croft and Lee Childs remain in their current roles as managing director and finance director, driving the business forward in the next stage of its development.
Coveris manufactures packaging for major brands operating 27 sites across Europe with 4,300 employees.
Initial MD Rob Croft said: “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 Mosser, CEO of 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.”
RSM’s M&A and Private Equity team have advised the shareholders of Initial Packaging Solutions, on the deal.
Helen Brocklebank, M&A director at RSM, added: “Acquisition of a strong strategic partner in Initial Packaging will give Coveris access to new markets and expand its capabilities in this high growth area.”
The transaction was led by Helen Brocklebank and John Daly of RSM, and supported by Helen Gibson, Marion Brewer, Noel Mooney and Liam O’ Brien. Gorvins provided legal advice.