ADARE GROUP has sold off its packaging business months after completing a £60m secondary MBO.
The marketing and communications business, headquartered in Huddersfield, has sold Adare Advantage to Americk Packaging for an undisclosed sum.
Adare completed its MBO in April, backed by Leeds-based private equity house Endless. Since then it has combined two of its divisions, Kalamazoo and Adare Limited, into Adare SEC and it continues to operate Adare International.
A strategic review after the MBO resulted in the group seeking a packaging business to sell Suffolk-based Adare Advantage, which has made a pre-tax profit of £1.5m-£2m in each of its last five years. The addition of its £14m turnover will take Irish packaging specialist Americk’s revenues to £100m.
David Mills, managing director of the business which will be known as Americk Advantage, said: “With the backing of Americk Packaging our vision to continue to develop innovative solutions and meet the challenges and demands of the industry is a mouth-watering prospect.”
Livingstone Partners provided M&A advice to Adare Group. Legal and tax advice was provided by Gordons LLP and KPMG respectively.
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