March 7 2014 Latest news:
Monday, December 16, 2013
Packaging manufacturer Maynard & Harris has been purchased by Europe’s leading supplier of rigid plastic packaging, RPC Group, in a deal valued at £103.5million.
M&H, which employs a total of around 700 staff across its principle manufacturing site in Beccles and its United States manufacturing facility in Virginia, fabricates a wide range of packaging products for the personal and health care markets, as well as some segments of the food sector across the UK, Europe and the USA.
The company, which will operate as an independent business within RPC, enhancing its leading personal care product offering, generated revenues of £76.7m in the year to April 30, 2013 with operating profits of £13.9m. There are not expected to be any redundancies as a result of the acquisition.
M&H chief executive David Duffield, who will continue to lead the management team under the new ownership, said: “M&H is a high quality business that is well positioned for growth. As part of RPC, the company will be better placed to enhance its product and service offering and take full advantage of the opportunities for growth that exist in Europe and North America.
“A good cultural fit exists in the way in which the RPC Group and M&H operate and this will form a strong foundation for future success. The management team is delighted to be joining RPC.”
Pim Vervaat, chief executive of RPC Group, said: “M&H is a well-established and highly respected business which has a very good strategic fit with RPC. It operates in our core geographic and product markets and complements the Group’s existing market positions very well.
“M&H’s growing business in the US offers the Group a stronger platform from which to invest in profitable growth going forward and I look forward to working with David and the management team in taking M&H to the next stage of its strategic development.”
Thomas Saunderson, Head of Corporate Development at RPC Group, added: “As an experienced corporate acquirer we know very well that the quality and professionalism of the sell-side adviser is critical to getting a deal done. Grant Thornton managed a complex situation that needed to be executed within a very short timescale and were impressive.”
M&H, which was previously controlled by BOSIF Investments, was advised on the transaction by financial and business advisors Grant Thornton. Darren Bear, corporate finance partner at Grant Thornton in East Anglia, said: “We are delighted to have advised the shareholders on this significant transaction.
“The acquisition is a good strategic fit for RPC, enhancing its existing presence in European rigid plastic personal care packaging, strengthening operations in the US, and complimenting current product ranges.
“Having previously advised the original owners John Maynard and Trevor Harris in 2003 on their exit to JP Morgan and the BOSIF acquisition in 2007, I am pleased to have advised M&H on their third successful transaction.”