Management buy-in wrapped up at commercial packaging business
A management buy-in has completed at Sheffield-headquartered WK West Ltd and its subsidiary company Midland Box Ltd, a group which trades as “Westpack”.
Founded in 1884, Westpack specialises in commercial packaging solutions in corrugated and timber.
The group operates from two manufacturing sites, in Sheffield and Nottingham, spanning a 100,000 sq ft operation servicing a diverse customer base across the UK.
John and Lyn Kearney have acquired the business from previous shareholders Andrew Fox and Simon Turner who have run Westpack for over 30 years.
John brings a wealth of sector expertise spanning 25 years in the packaging sector, most recently working as a director for one of the UK’s largest packaging suppliers.
Lyn brings packaging experience along with expertise in a diverse range of industries.
The pair were advised by a Translink Corporate Finance team led by Will Holmes, supported by Andy Haigh and Luke Harrower, with further support from Amanda Waterhouse (BHP Transaction Tax) and Emma Oakley (BHP’s SPA advisory team).
John Kearney said: “We’d like to thank Translink for their advice and guidance throughout the process, this deal wouldn’t have been possible without their support.
“We look forward to working with the team at Westpack and continuing the tradition of family ethics and high customer service that has underpinned the company’s success for over 100 years.”
Holmes added: “We are pleased to have structured and delivered this transaction for John and Lyn.
“Westpack is a great business that has been developed over many years under the stewardship of the previous shareholders.
“We look forward to seeing John and Lyn continue to build upon this success and supporting them throughout their journey.”
Steven Millward and James Farrell of Schofield Sweeney acted as legal advisors to John and Lyn on the transaction.
The transaction was funded by Lee Hayes at Close Brothers who provided a flexible funding solution to facilitate it.
Financial due diligence was conducted on behalf of the buyers by Matthew Milnes and Harry Bushell at Hentons.
Westpack shareholders were advised on the disposal by Kevin Gregory of Transact Corporate Finance, while John Baddeley, Rebecca Robinson and Neil Salter from Wake-Smith provided legal advice.