Healthcare packaging company feeling good with acquisition creating £37m turnover business
Crewe-based healthcare packaging business Medica Packaging is targeting growth across the pharma, healthcare and cosmetics markets after swooping for folding carton manufacturer F.G. Curtis.
The move creates a £37m turnover business with more than 200 employees across the firm’s two sites in Crewe and Redhill in Surrey.
Medica Packaging, an established manufacturer of folding cartons and information leaflets for the pharmaceutical and healthcare markets, says the creation of a larger group will enable both businesses to strengthen their presence.
The business is one of the top UK manufacturers and distributors of secondary packaging, specialising in printed cartons, patient information leaflets and labels for prescription drugs, over-the-counter medications, clinical trials, animal care and diagnostic test kits.
Surrey-based F.G. Curtis, a family-owned business that has been producing printed cartons for over 80 years, is the first company in the UK to offer World Land Trust certified carbon balanced packaging – a programme that offsets carbon emissions from packaging production with investment in conservation projects.
Shawbrook Bank worked with Medica Packaging to provide funding support for the deal, providing a hybrid solution of working capital and structured term debt.
The acquisition follows lower mid-market investor Harwood backing a management buyout of Medica Packaging in December 2020.
Mark Stokes, finance director at Medica Packaging, said: “Medical packaging represents a major market across the pharma and healthcare supply chains – used to supply medicine and to support sample collection for millions of people every year. Its important role in the delivery of healthcare services was highlighted by the widespread use of Covid-19 home-testing kits during the pandemic.
“This F.G. Curtis acquisition gives the enlarged group access to the beauty and cosmetic sectors, ensuring both businesses a stronger market position and facilitates additional growth in their respective sectors.”
Daniel Martin, senior director in the corporate lending team at Shawbrook Bank, said: “We have worked with Medica Packaging for almost a decade now and supported the business with various banking facilities throughout their growth journey. We know the firm and its management team very well and were able to provide them with the bespoke structure they need to deliver success, generating further growth and diversifying into new markets with significant potential.”
The deal was also supported by Matthew Greenhalgh, director in the corporate lending team at Shawbrook Bank. Legal advisors included Squire Patton Boggs (Shawbrook) and BDB Pitmans (Medica Packaging and Harwood). Financial due diligence and tax advice was provided by Crowe UK.
