Thu, 28 Nov 2024 | BUSINESS SALE
Leicester-based food packaging firm Clifton Packaging has been snapped up by a private equity owned Italian rival.
Clifton, which was founded in 1981 in London as wholesalers of plain carrier bags and paper bags for retail outlets, is now Leicester based and a manufacturer of flexible packaging materials especially for the snack food, confectionery, bakery, health food, wet protein and other FMCG markets.
It posted a pre-tax profit of £3.4 million in the year to December 31, 2023, up from £2.6 million in the previous year.
It said it had been helped by customers increasingly looking to differentiate themselves in a more competitive marketplace through their packaging.
The company has been sold to Carton Pack, an Italian firm specialising in packaging production for the food industry. It is a portfolio company of A&M Capital Europe (AMCE), a London-based private equity firm.
The transaction is Carton Pack’s sixth acquisition since 2020, and the third since AMCE acquired a majority stake in the group alongside the founding Leone family in April 2022.
Following the deal, Clifton will continue to operate under the leadership of its management team led by chief executive officer Shane D’Souza. It also provides an exit for Clifton founders Shahid Sheikh OBE, Zed Sheikh and Tahir Sheikh.
“We are delighted to welcome Clifton Packaging into the Carton Pack Group,” said Gianni Leone chief executive of Carton Pack Group. “The acquisition represents a vital step in our global strategy to deliver both plastic and paper sustainable packaging solutions on a larger scale to the food industry. This partnership not only expands our product range but also strengthens our capacity to serve clients across Europe and beyond, further reinforcing our commitment to quality, service and innovation.”
D’Souza added: “Together, we are poised to redefine the future of packaging by leveraging our combined strengths to deliver unparalleled value to our customers and make a positive impact on the environment.”
Freeths advised the Clifton Packaging shareholders on the deal, while KPMG provided corporate finance advice.
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