Esterform gains £30m backing
Plastics manufacturer Esterform Packaging has received £30m of funding
Plastics manufacturer Esterform Packaging has received £30m of funding from private equity group Gresham.
The Midlands-based company, which employs over 200 people nationwide, is one of the leading suppliers to the UK beverage industry.
The funding will be used expand the business as the company adapts to growing demand for products made from more environmentally friendly materials.
Esterform is also involved in the development and commercialisation of a plastic beer keg as a replacement to the traditional steel keg.
Since its establishment in 1998, the company has grown organically and through acquisition into a £50m turnover business. It bought Able Industries in 2001 and Petplas Packaging in 2005. More acquisitions are now planned with Gresham’s backing.
Mark Tyne, managing director of Esterform said: “The business is well poised for further growth in its markets.
“The support and financial firepower of Gresham Private Equity will enable us to invest in our manufacturing facility and provide the resource and capability to undertake further acquisitions in the future.”
As a result of the deal Ian Woodhead, formerly the head of Whitworths, will join the company’s board as chairman.
With Gresham’s support, the business will continue to grow through the acquisition and subsequent integration of related businesses.
Lloyds TSB Acquisition finance provided the debt finance for the deal.
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