By: Jim Johnson
June 16, 2014
Coveris Holdings is extending its reach in the United Kingdom through the acquisition of St. Neots Packaging Ltd., a company with products that include plastic film-lined food packaging.
Located in its namesake town of St. Neots, England, the cartonboard company has doubled in sales during the past five years to retail and food service customers.
Included in the deal are two locations in St. Neots as well as an office in Hong Kong. Coveris also has a cartonboard facility in Wisbech, England.
“As a great addition to our existing cartonboard operation, the move enables us to provide a dedicated packaging offering to better serve customers in both FMCG [fast moving consumer goods] cartonboard and food-to-go packaging markets,” said Mark Lapping, President of Coveris’ UK Food & Consumer business, in a statement.
St. Neots Chairman Andy Ducker, in a statement, said the acquisition will allow “the business to accelerate growth to its next phase.”
St. Neots has more than 200 employees in England and Hong Kong, Coveris said.
The newly acquired company makes a wide variety of packaging for fast food and food to go. Those packages are often a combination of cartonboard and plastic film that allows consumers to see the goods.
Coveris, which describes itself as the sixth-largest plastic packaging company in the world, formed in May 2013 when five companies owned by private equity firm Sun Capital Partners Inc. united under a single banner, originally Exopack Holdings. Exopack changed its name to Coveris last fall.
The five companies that originally joined together were Exopack Holding Corp., Kobusch Group, Britton Group, Paragon Print & Packaging Corp. and Paccor. Sun Capital also recently folded its KubeTech Custom Molding Inc. into Coveris.
Terms of the deal were not made public.