It’s a wrap

By Ged Henderson

16 Apr 2025

Metamark1

The year has started in the same way 2024 ended for dealmaking in Lancashire, with the acquisition of a big-name county business by an overseas suitor.

Metamark, the Lancaster based market leading supplier of materials and accessories to the global graphics sector, has been snapped up by UPM Raflatac, a subsidiary of NASDAQ Helsinki-listed UPM-Kymmene Oyj Corporation (UPM).

The £146m deal marks the latest stage in a remarkable growth journey by Metamark, a former number one in Lancashire Business View’s Hot 100 list of the county’s most profitable SMEs.

Metamark manufactures self-adhesive colour and digital print material, laminates and wrapping films from its state-of-the-art facility in Lancaster selling directly to more than 9,000 customers in the UK and over 100 distribution partners globally.

Its materials are used extensively in the signage, graphics, automotive and architectural sector.

The sale was announced by Primary Capital Partners. The Private Equity firm backed the Metamark management team in a buy-out from its original founders in 2017.

Since then, the business has experienced significant UK and international organic growth, driven by investment in new product development, digitisation of sales channels and expansion in international markets.

It has also made a number of highly successful acquisitions in the UK and Ireland to increase both its regional and product footprint. Today the firm, which operates from its base on the banks of the River Lune, employs around 185 people and has sales in the region of £65m.

Iain Wolstenholme, partner at Primary who led the original deal, says: “Metamark has proved to be an outstanding investment for Primary and its investors.

“Over the course of our investment we have helped transform and grow Metamark from a UK-centric, privately-owned business to a global challenger brand in the graphic material sector.

“Our partnership and alignment with a talented management team has allowed us to execute an ambitious plan, and ultimately find an excellent strategic home with UPM Raflatac.

“We are delighted with the successful outcome for all parties, and proud to have been associated with Metamark over the last eight years. We wish everyone at Metamark and UPM all the best on the next stage of their growth story.”

Paul French, executive chair and former chief executive of Metamark, led the buyout team that acquired the business from founder shareholders, Mark Bateson and Mike Stuart, for £62m back in 2017.

He was later joined by Paul Wild, formerly south Cumbria paper-maker James Cropper’s chief executive. He took over the chief executive role in Lancaster in January last year.

In a statement they said: “Since the MBO in 2017 when Primary invested, we have been on a transformational journey with our investors fully supportive of the management team and our growth strategy.

“We are delighted to have completed a transaction that allows Metamark to continue its successful journey under the new ownership.

“The Metamark management team would like to take this opportunity to thank Primary for its support, strategic guidance and belief in our business from the very first day of our partnership.”

The new owners say the sale accelerate its growth in the graphics business and strengthen its overall competitiveness.

Tim Kirchen, executive vice president at UPM Raflatac, says: “We’ve made a strategic decision to pursue global growth in graphics both organically and through mergers and acquisitions.

“This acquisition marks an important milestone in our transformation journey accelerating our growth, enabling us to grow our scale and become a complete product and service provider in this attractive business.

“The combination of Metamark’s broad product portfolio with our existing sales and distribution network allows us to grow also outside of Europe.”

Metamark has its roots in Lancaster’s historic plastics industry and the local expertise in the development of flexible plastics.

It becomes the latest Lancashire company to be bought by an overseas business in recent times.

The county saw a raft of multi-million pound deals in 2024, with businesses across a range of sectors proving tempting targets for growth hungry overseas buyers.

Skelmersdale based family business Yew Tree Dairy, another former Hot 100 company, was targeted by major milk processor Müller, headquartered in Bavaria.

Blackburn based tissue manufacture Accrol was acquired by Navigator Paper in a £130m deal. Navigator is part of a large Portuguese integrated pulp, paper, tissue, packaging and biomass-based energy company.

Star Tissue, one of the UK’s leading independent makers of hygiene paper products, also based in Blackburn, was sold to German-headquartered hygiene group WEPA Professional, a family run business with a turnover of more than £1bn.

Accrington based managed transport specialist CMAC Group was bought by one of the world’s largest land transport companies, Singapore headquartered ComfortDelGro Corporation, in an £80m-plus deal.

And 2024 came to a close with the fulfilment specialist Staci, which has four locations in Blackburn, being acquired by the Belgian multinational postal operator bpostgroup in a deal worth a massive £1.3bn.

Those deals have come about despite the uncertainty surrounding the UK economy.

However, Stephen Robinson, corporate finance director at Blackburn headquartered accountants and business advisors PM+M, believes the Bank of England’s decision in early February to cut its interest rate may now have a positive impact on the M&A market.

He says: “The decision to reduce the base rate from 4.75 per cent to 4.5 per cent could positively influence businesses looking to expand or exit through M&A.

“For buyers, lower borrowing costs may increase affordability of funding, meaning increased access to financing and potentially boosting purchasing power in M&A transactions.

“Whilst for sellers, reduced rates may encourage buyer interest, leading to increased competition and potentially higher valuations.

“Sellers should remain mindful of possible future rate changes that could affect buyer sentiment. Overall, this rate cut could signal improved funding conditions, offering potential advantages for both buyers and sellers.”

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