Plastics firm expands with £3.6m acquisition
PLASTIC products company Coral Products has acquired Global One Pak Holdings in a deal worth £3.6m.
The Haydock, Merseyside-based manufacturer and supplier of injection moulded plastic products has bought the entire share capital of the Hyde, Greater Manchester firm with £2.95m in cash and £0.65m to be satisfied by the issue of 3,250,000 new ordinary shares to at a price of 20 pence per share.
GOP designs, manufactures and supplies lotion pumps and trigger sprayers to a broad range of customers worldwide, including a number of global brands, across a wide range of markets, including household and garden, automotive, personal care and pet grooming.
The company, approximately 35 miles from Coral’s manufacturing facility, will continue to operate from its existing premises.
In the year ended December 31, GOP’s audited sales and EBITDA were approximately £2.89m and £0.64m respectively.
Coral chairman Joe Grimmond said: “The acquisition of GOP is a significant milestone for Coral as it expands further the group’s market coverage and product range.
“The board anticipates that the acquisition will be earnings enhancing in its first year and that Coral’s progressive dividend policy may continue without the group’s gearing exceeding 35%.”
