Chesterfield packaging company Inspirepac has been snapped up for £43.5m by Irish group Smurfit Kappa.
The Dublin-headquartered business has agreed to buy the Chesterfield-headquartered firm from the Logson Group.
Inspirepac has 279 employees, £43m turnover and has sites at Sheepbridge and Markham Vale in Chesterfield, Wetherby and Runcorn. It generated earnings before interest, tax, depreciation and amortisation (EBITDA) of £6m last year.
The Dublin-listed firm said the deal was expected to close in the second quarter of this year.
Chris Marples, CEO of Inspirepac, will continue to lead the business.
He said “We have enjoyed five fantastic years as part of the Logson Group, a period that has seen significant growth and exceptional performance driven by investment and innovation. Looking to the future, Smurfit Kappa is the natural home for our next phase of development, our culture is closely aligned to their philosophy and I am excited by the opportunities our combined strengths can bring to our customers.”
In October, Inspirepac said up to 100 jobs could be created when it expanded into new premises on Derbyshire County Council’s flagship regeneration site at Markham Vale, the business park straddling junction 29A of the M1.
Inspirepac supplies PepsiCo, Bacardi, Thorntons, Kimberley Clark, 3M and Unilever. Some 110 staff are based at its Sheepbridge headquarters.
Chris Marples said then: “We are delighted to secure new premises at Markham Vale. This new site, combined with further planned investment in 2016, will enable the group to grow beyond £90m in the next five years, with the opportunity of creating up to 100 further jobs over this period.”
Tony Smurfit, president of Smurfit Kappa Group, said: “We are delighted with the announcement of this acquisition and look forward to welcoming the Inspirepac team into Smurfit Kappa UK.
“They have built excellent businesses in many product and customer sectors which will add to our existing strengths, and support our continued drive to ‘Open the Future’ within the UK packaging market.”
Logson Group CEO Alex Kelly said: “Inspirepac has been an excellent investment for Logson Group since we acquired our majority shareholding in 2009. This deal represents value to Logson, Smurfit Kappa and the employees of Inspirepac. We wish Chris Marples and his team every success in the future and are sure the business will continue to flourish under their new ownership.”