Excelsior boosted by fresh funding
SPECIALIST packaging manufacturer Excelsior Technologies is ramping up international growth after sealing an investment deal.
The company, based at the Deeside Industrial Park, has agreed a deal with Enact, the SME fund managed by private equity house Endless, for a six-figure sum, alongside existing investor Growth Capital Partners.
Excelsior, which employs 240 staff – 180 in Deeside and 60 in Nelson, Lancashire, – is a flexible packaging business known for high quality gravure print focused on the food, confectionery and medical sectors. Customers include Birds Eye and Haribo.
The investment made by Enact is to enable Excelsior to continue to grow both in Europe and the US.
Chris Cormack, who manages the Enact fund on behalf of Endless, joins the Excelsior board and will support the existing management team. Enact is also in advanced discussions to appoint an experienced executive chairman to the company to shape and execute the business strategy.
Mr Cormack said: “We are pleased to have the opportunity to make this investment in a high quality packaging company with an excellent product and customer base.
“Excelsior needs additional funding to allow it to grow its business, and our understanding of the packaging sector will enable Endless to contribute to strategy as well as to provide funding.”
The company, which specialises in making high temperature packaging films and microwaveable packaging, changed hands in July 2012 backed by Growth Capital Partners.
Nick Alexander, Excelsior’s chief executive, said: “Excelsior has capacity in gravure and flexo printed laminated films for food and confectionery packaging, medical films and stand up pouches.
“In recent years we have seen good growth in Europe and the United States and we have plans to grow further. This investment by the Endless Enact Fund, along with an agreed enlargement of our RBS facility, will make significant resources available for investment and to fund additional working capital.”
Enact’s investment strategy is to invest in small and medium-sized enterprises across the UK that have a robust business model, but are facing cash flow constraints, strategic or operational issues.
The fund, which was launched last year, is looking to invest between £250,000 to £2m of equity into individual companies in any industry sector or region, providing they meet the qualifying criteria for EIS investments and would benefit from a hands-on investment approach.
