GCP backs MBO of flexible packaging manufacturer Excelsior Technologies
Jul 11, 2012
GCP, the provider of blended equity and debt to the UK's small to medium sized businesses, has backed the MBO of Excelsior Technologies ("Excelsior"), a North Wales based flexible packaging manufacturer, from its North American shareholder.
Excelsior designs and manufactures a portfolio of innovative packaging products and supplies to a range of blue chip clients across the food and medical packaging sectors, including Birds Eye, Haribo, Premier Foods and SC Johnson,.
Excelsior is an excellent example of a UK high tech manufacturer that operates on a global basis demonstrating excellence and innovation, with two previous Queen's Awards for Export. In 1996, the business had a turnover of 5 million and was focused on point-of-sale clothing packaging. Today, led by David Moorcroft its managing director, turnover is forecast to hit 44 million. Excelsior is now an international business with operations in both the UK and USA and exports to fourteen countries.
Excelsior has become a specialist in high temperature packaging films and microwaveable packaging - supplying over 600 million microwave packs per year, using proprietary technology for foods including vegetables, rice and prepared meals. It is also a world leader in steam sterilizeable medical packaging.
Garrett Curran who led the deal for GCP and who also joins the board, said: "In Excelsior we are backing an excellent management team led by David Moorcroft and are supporting the UK manufacturing industry.
"Excelsior has invested heavily in its manufacturing capabilities and has built an impressive customer base. There are positive market dynamics for flexible packaging and growth will be driven by Excelsior's in-house product development capabilities, plus the significant cost and operational advantages it can offer over competitors.
"The UK is seeing a resurgence in the niche manufacturing sector as overseas companies recognise the ability of UK manufacturers to be flexible and devise real and innovative solutions to customers' needs Excelsior is one such manufacturer."
David Moorcroft, managing director of Excelsior said: "GCP had a compelling offer and we were impressed with their track record of working in partnership with management teams to grow companies both organically and through acquisition. They have already identified a target company and we look forward to working in partnership with them to fast track the growth of our business."
David Chell a director at Bank of Ireland UK who provided working capital and asset based lending facilities for the deal, said: "Bank of Ireland has supported Excelsior's manufacturing and export success for over five years now and we are delighted to be involved during this latest milestone. The company has a robust outlook and we look forward to continuing our partnership with them"
Headquartered in Deeside, North Wales, Excelsior employs over 200 staff and operates from four sites, two in Deeside, one in Lancashire and one in North Carolina, USA.
