Europackaging Ltd sold in pre-pack deal
16th September 2009
Paul Stringer and Charles Cooper of Cowgill Holloway’s Manchester corporate finance team have assisted in the acquisition of Europackaging Limited, a Birmingham business which manufactures carrier bags and packaging for blue chip customers including many of the high street supermarkets.
The business which was placed into administration on 4 September 2009 was bought soon after by Middle East investors, Afzal Majid Alimahomed and Shabir Majid Alimahomed for an undisclosed sum. Their family sold the business in 2006 to venture capitalists Mid Ocean Partners. The acquisition has preserved the jobs of the entire UK workforce.
The company which has a global turnover of approximately £140 million, of which £110 million is generated by the UK business, employs in excess of 800 people worldwide.
Paul Stringer, corporate finance partner at Cowgill Holloway LLP, who advised the purchasers in the acquisition of the business, commented:
“Although Europackaging has a good core business and an exceptional reputation within the trade it has been struggling in the current economic climate. The new owners look forward to taking back control and restoring it to its former health.”
Europackaging has operations in the UK, Malaysia, Turkey and the US, all of which were involved in the sale. Border Converters Co Limited, a UK subsidiary of the business, was also included in the sale.
Charles Cook of DLA Solicitors in Birmingham worked with Cowgill Holloway acting for the purchasers.
The information was correct at time of publishing but may now be out of date.