Birmingham team advise on acquisition of icepack manufacturer
Hydropac, a manufacturer of icepacks and temperature-controlled shipping systems, has been acquired by Bunzl in a deal led by PKF Smith Cooper’s Birmingham team.
Hydropac designs and manufactures insulated packaging solutions that focus on maintaining chilled and frozen temperatures of food, pet-food, and pharmaceutical products during transit.
The temperature-controlled solutions’ manufacturer, located in High Wycombe, currently designs and produces insulated shipping systems, ice packs, and gel packs for the growing online food delivery market and 99% of its products are recyclable..
The shareholders appointed PKFSC’s corporate finance division to identify strategic trade purchasers, discretely market the company, assess bids, negotiate terms, and to manage and advise on the entire sale process.
Bunzl was selected as the preferred bidder. PKFSC says Hydropac is complementary to Bunzl-owned Coolpack BV in the Netherlands, which is a leading manufacturer and supplier of cooling elements, gel packs, cooling plates, thermal foam packs, and cooling packaging.
Hydropac shareholder, Mike Collins, said: “We are delighted to have found the right partner in Bunzl to enable the company to take advantage of exciting opportunities and deliver on our ambitious growth plans.”
Darren Hodson, corporate finance partner at PKFSC, said: “It has been a pleasure working with the shareholders on this transaction. Hydropac is a fantastic business in a fast-paced, growing industry. This deal demonstrates PKF Smith Cooper’s ability to find the right buyer and get deals done in a swift manner. We are thrilled for the shareholders – it is clear that Bunzl is the ideal partner for the next stage of business growth.”
The PKFSC team also comprised Tom Joy, and Josh Gurton.
Tax advice was provided by head of transactional tax, Adam Rollason, while seller legal advice related to the deal was provided by Richard Griffiths, of Higgs.
Bunzl was advised by Stevens & Bolton and Deloitte.
