Paper and packaging company Mondi Group recently announced that it has acquired flexible-packaging firm Excelsior Technologies Limited.
It acquired 100% of the outstanding share capital from funds managed by Endless LLP and minority shareholders, for a total consideration equalling £33 million.
UK-based Excelsior Technologies produces flexible-packaging designs, focusing on food applications using a unique microwave steam-cooking technology. It also generated a 2016 revenue of £39 million.
Demand for such packaging is growing, as the extended shelf life of fresh and prepared food, packaging sustainability, and convenience become more important to consumers.
The company makes products for domestic and US customers, with two plants: one situated in Deeside, Northern Wales, and the other in Nelson, in Lancashire, UK.
David Hathorn, outgoing chief executive of Mondi Group, noted, "The acquisition of Excelsior supports the development of our consumer-packaging business in high-growth product applications.
"Its leading microwave steam-cooking packaging technology complements and enhances our global food-packaging offering."
Mondi announced last week that Hathorn would be stepping down as group CEO in February 2018, appointing Peter Oswald to the position.
The Mondi Group currently has a staff of 25,000 people throughout 30 countries. In 2015, it posted revenues of €6.8 billion.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. Click subscribe to sign up for ESM: The European Supermarket Magazine.
