January 7, 2014
RPC Group plc has snapped up rival rigid plastic packaging firm Maynard & Harris Group Ltd. in a deal valued at 103.5 million pounds ($169.8 million).
RPC is a major player in Europe — the company ranked No. 2 on European Plastics News' list of rigid packaging manufacturers. But while M&H also is based in England, this deal is focused on giving RPC more geographical diversity.
"M&H's growing business in the U.S. offers [RPC] a stronger platform from which to invest in profitable growth going forward," RPC chief executive Pim Vervaat said in a news release.
"The acquisition of M&H represents an important step in realizing RPC's strategy of selective consolidation in Europe and the creation of a meaningful presence outside of Europe."
RPC said it had funded the acquisition entirely from its existing debt facilities.
M&H, which has some 700 employees, sells packaging to the personal care, healthcare and food markets across Europe and the United States. Its principal manufacturing site in Europe is in Beccles, England, and its U.S. operation is in Winchester, Va.
David Duffield, chief executive of M&H, said in a news release that within RPC, M&H will be able to "take full advantage of the opportunities for growth that exist in Europe and North America."