LONDON (June 28, 4:30 p.m. ET) — Private equity provider Growth Capital Partners LLP has backed the management buyout of Excelsior Technologies Ltd., a Deeside, Wales-based flexible packaging manufacturer, from its North American shareholder. Terms were not disclosed.
Excelsior, which has a plant in Asheville, N.C., designs and manufactures a range of packaging products for blue chip clients across the food and medical packaging sectors, including Birds Eye, Haribo, Premier Foods and SC Johnson.
Garrett Curran, who led the deal for London-based GCP, said Excelsior enjoyed “positive market dynamics for flexible packaging,” and predicted that growth would be “driven by Excelsior's in-house product development capabilities, plus the significant cost and operational advantages it can offer over competitors.”
Excelsior, which has annual sales of about 44 million pounds sterling ($68 million), also has plants in Wales and England and exports to 14 countries. It specializes in microwaveable packaging, producing more than 600 million microwave packs per year.
Ron Shemesh, a former principle with World Class Film Corp., owned Excelsior Packaging Group, then of Yonkers, N.Y., when it bought the Welsh company then known as G.S. Technologies Ltd. in 2004.