YORKSHIRE-based Enact has announced that its investment, Excelsior Technologies, has been sold to Mondi Group for £32.9m.
Excelsior Technologies is a manufacturer which supplies flexible packaging services to brands across Europe and the US, with a focus on the food and confectionery sector. The Enact Fund invested in Excelsior Technologies alongside incumbent investor Growth Capital Partners in December 2014.
Chris Cormack, an investment director at Enact, said; “Having been involved since our initial investment in Excelsior Technologies we are delighted to have seen the transformation and growth of the business that has seen us exit to Mondi Group.
“We are incredibly proud of the work that has been done, not only visible from the improvements at the two manufacturing sites, but also the strengthened customer relationships and the exciting new products launched over the last two years, all of which have created a strong base for the business as it looks to the future.”
Established in January 2014, and managed by Leeds-based Endless, Enact provides transformational investment of up to £5m for small to medium-sized businesses. The former England footballer Danny Mills is a significant investor in Enact.
Keith Chapman, the executive chairman at Excelsior Technologies, said; “With Enact and Endless’s backing we have been able to establish the business as best in class, serving a portfolio of blue chip customers across the globe. The future looks very bright with the two businesses being an excellent product, operations and strategic fit.”
The shareholders of Excelsior Technologies were advised by Deloitte, led by Nick Wood and Gordons, led by James Fawcett. Excelsior Technologies employs 230 people across its manufacturing sites in Deeside, North Wales and Nelson, Lancashire.
David Hathorn, the chief executive of the South African-based Mondi Group, said: “The acquisition of Excelsior supports the development of our consumer packaging business in high growth product applications.”