Sheffield packaging company Storopack UK has wrapped up a deal to buy a rival in Northamptonshire with £1.45m from Santander.
The company, which is thriving on the back of the e-commerce boom, has bought FP International UK’s loose fill division, in Brackley, with the aim of cementing its position as a market leader.
The production team have been retained, alongside key administrative and financial personnel.
The wider strategy of the Storopack Group is to increase earnings organically and through acquisition, and Storopack UK is looking to hire additional sales people.
Richard Pulfrey, managing director, Storopack UK, said: “We have been able to seize this opportunity to add real value to the business. The acquisition will help both with our manufacturing capabilities and with distribution, with the site in Brackley becoming a transport hub for much of our business in the south.”
The business has two divisions: manufacturing loose fill material and the distribution of air, paper and foam packaging. It is part of Germany’s Storopack Hans Reichenecker GmbH, which employs more than 2,500 worldwide and has an annual turnover of over €300 million.
Craig Williams, relationship director, Santander Corporate & Commercial, said: “With this acquisition, Storopack UK will offer one of the most comprehensive ranges of protective packaging solutions in the UK market.
“It is another milestone in Storopack UK’s strategy to strengthen their long term competitiveness and provide a basis for growth and market position.
“We are delighted for them.”