GCP, a provider of blended equity and debt to UK small to medium sized businesses, has backed the MBO of Excelsior Technologies from its North American shareholder. The business is a North Wales-based flexible packaging manufacturer.
GCP, the provider of blended equity and debt to the UK’s small to medium sized businesses, has backed the MBO of Excelsior Technologies (“Excelsior”), a North Wales based flexible packaging manufacturer, from its North American shareholder.
Excelsior designs and manufactures a portfolio of innovative packaging products and supplies to a range of blue chip clients across the food and medical packaging sectors, including Birds Eye, Haribo, Premier Foods and SC Johnson.
Excelsior is an excellent example of a UK high tech manufacturer that operates on a global basis demonstrating excellence and innovation, with two previous Queen’s Awards for Export. In 1996, the business had a turnover of £5 million and was focused on point-of-sale clothing packaging. Today, led by David Moorcroft its managing director, turnover is forecast to hit £44 million. Excelsior is now an international business with operations in both the UK and USA and exports to fourteen countries.
Excelsior has become a specialist in high temperature packaging films and microwaveable packaging – supplying over 600 million microwave packs per year, using proprietary technology for foods including vegetables, rice and prepared meals. It is also a world leader in steam sterilizeable medical packaging.
Garrett Curran who led the deal for GCP and who also joins the board, said: ”In Excelsior we are backing an excellent management team led by David Moorcroft and are supporting the UK manufacturing industry.
“Excelsior has invested heavily in its manufacturing capabilities and has built an impressive customer base. There are positive market dynamics for flexible packaging and growth will be driven by Excelsior’s in-house product development capabilities, plus the significant cost and operational advantages it can offer over competitors.
“The UK is seeing a resurgence in the niche manufacturing sector as overseas companies recognise the ability of UK manufacturers to be flexible and devise real and innovative solutions to customers’ needs – Excelsior is one such manufacturer.”
David Moorcroft, managing director of Excelsior said: ”GCP had a compelling offer and we were impressed with their track record of working in partnership with management teams to grow companies both organically and through acquisition. They have already identified a target company and we look forward to working in partnership with them to fast track the growth of our business.”
David Chell a director at Bank of Ireland UK who provided working capital and asset based lending facilities for the deal, said: “Bank of Ireland has supported Excelsior’s manufacturing and export success for over five years now and we are delighted to be involved during this latest milestone. The company has a robust outlook and we look forward to continuing our partnership with them”
Headquartered in Deeside, North Wales, Excelsior employs over 200 staff and operates from four sites, two in Deeside, one in Lancashire and one in North Carolina, USA.
Legal –Brabners Chaffe Street: Tony Harper, Denise Walker
Investor – GCP: Garrett Curran, Simon Jobson, Richard Shaw
Corporate Finance –Livingstone Partners: Phillip McCreanor, Alex John
Investor Legal – Osborne Clarke: Alisdair Livingstone, Alison Meaken, Hugh Jones, Simon Jones, Michael Bell, Victoria Clarke, Daniel Barnhouse
Acquisition legal – Eversheds: Richard Moulton, Alasdair Outhwaite, Victoria Ross
Financial – RSM Tenon: Nick Williams, Peter Vandervelde, Steve Jacob, Phillip Rossiter
Commercial – CiL: Jonathan Whiteman, Liam McGuinness
Environmental – ERM: Max Griffin, Nick Biagetti
Management – Tyler Mangan: Jonathan Chocqueel-Mangan
Insurance – Marsh: Laura Reed
Banking – Bank of Ireland: David Chell
Jane Kirby, Equity Dynamics 07825 326 441
Corinna Osborne, Equity Dynamics 07825 326 440
GCP – www.growthcapital.co.uk
GCP is a provider of blended equity and debt to the UK’s small to medium sized businesses, and recently raised a £160m Fund III which was oversubscribed.
GCP has five companies in its portfolio including:
• Iglu.com, online travel agent specializing in Ski and Cruise holidays
• Amor Group, IT software services for the oil and gas sector
• Blueberry Group, supplier and distributor of speciality foods
• Wrap Film Systems, cling film and foil converter for food service (including BACO Foil)
• Eldapoint, provider of container handling and storage for shipping
GCP typically invests in businesses with an enterprise value of between £5m and £50m in management buy-outs, development capital and secondary or tertiary buy-outs.