Sun European Partners, the European advisor to the U.S. private equity firm Sun Capital Partners, is announcing that one of its affiliates has acquired the plastic packaging company Britton Flexibles from HSBC. Britton produces everything from cereal box liners to banking coin bags, and it’s been owned by HSBC Private Equity since a 2008 management buyout. Terms of the deal weren’t disclosed.
Sun European Partners, LLP (“Sun European Partners”), the European adviser to Sun Capital Partners, Inc., announces that one of its affiliates has acquired Britton Flexibles Ltd (“the Britton Group”), a UK–based flexible plastic packaging specialist from the Direct Principal Investments division of HSBC.
The Britton Group is a leading provider of flexible packaging solutions in the UK with extrusion, printing, lamination, and conversion capabilities that serve a variety of end markets. Products include cereal liner film, printed shrink wrap film and banking coin bags which are produced at three facilities in Northern England, including the largest film extrusion site and the largest integrated flexographic printing facility in the UK. The Britton Group has customers across a number of sectors including consumer goods, banking, healthcare, construction and technology.
The Direct Principal Investments UK division of HSBC and the incumbent management team acquired Britton in 2008, with a debt package provided by HSBC’s leveraged finance team. The business performed strongly during HSBC’s ownership period.
Mike Clark, Chief Executive said: “This transaction represents a significant step forward for the Britton Group as it will provide further investment and partnership with an organisation that has tremendous expertise in the sector which will facilitate further growth. We also hope to realise significant synergies with other affiliates of Sun European Partners in the sector to build a very strong pan–European flexibles business”.
Philippe Neuschaefer, Vice President of Sun European Partners said: “We are excited to complete the acquisition of such a strong business in the specialist packaging industry. In the past year alone, affiliates of Sun European Partners have completed more than half a dozen acquisitions in the packaging industry across Europe and the U.S. The Britton Group, with its excellent track record in flexible plastic packaging, particularly extrusion, flexographic printing and conversion of flexible films, is an excellent fit with our existing European packaging businesses.”
“We look forward to working with management to further enhance the Britton Group’s leading market position within the global packaging market.”
About Sun European Partners, LLP
Sun European Partners, LLP is the European adviser to Sun Capital Partners, Inc., a leading U.S.–based private investment firm focused on leveraged buyouts, equity, debt, and other investments in market–leading companies that can benefit from its in– house operating professionals and experience. Affiliates of Sun Capital Partners, Inc. have invested in over 260 companies worldwide with combined sales in excess of $40 billion since the inception of Sun Capital Partners, Inc. in the U.S. in 1995. Sun Capital Partners, Inc. has offices in Boca Raton, Los Angeles, and New York, as well as affiliates with offices in London, Frankfurt, Paris, Luxembourg, Shanghai and Shenzhen. For more information, please visit www.SunEuropeanPartners.com.
Affiliates of Sun European Partners, Inc. have acquired 17 packaging companies with combined revenue in excess of $3.1 billion, including Albéa, Exopack Holding, PaperWorks Industries, Paccor, Reuther Verpackung GmbH & Co. KG, and Veriplast Solutions.