Flexipol sold in £10m deal
Innovative packaging manufacturer Flexipol Packaging has announced its sale to Plastics Capital plc for a maximum consideration of £10.64m.The Haslingden firm is a regular on Lancashire Business View's Hot 100, operating out of 40,000sq ft premises, and with Marks and Spencer approved supplier status.
The transaction remains conditional upon Plastics Capital plc completing a placing of new ordinary shares and extending its existing debt facilities with Barclays Bank, both of which are anticipated to be satisfied on or around 21 November 2014.The sale will see all of the members of the management team continue to be involved with the enlarged group after completion and will work with other Plastics Capital subsidiaries for growth in the future.
Ian Smith, managing director at Flexipol stated: "We are pleased to announce our sale to Plastics Capital. This sale will enable our business to grow whilst also creating cross-selling opportunities for both. We are thrilled to become part of the Plastics Capital family and believe that this sale will give the business the direction and support it needs." DLA Piper advised Flexipol on the sale. Yunus Maka partner at DLA Piper stated: "This is a real success story for a locally based innovative company. Flexipol and its shareholders have been long standing clients of the firm and I am very pleased to have been able to advise them on this sale. I first acted for them in 2002 and am delighted that all of the members of the management team will continue to be involved with the enlarged group after completion. I wish them and Plastics Capital plc the very best of success."