Isca Ventures has structured a transaction where the management team of £29m turnover Gelpack Excelsior Limited and £14m turnover Gelpack Industrial Limited have bought a significant stake in both companies from the owner, Azalee Management Corporation.
Gelpack Excelsior and Gelpack Industrial are both Hereford-based companies and, together, are one of the UK’s largest privately owned extruders of flexible polyethylene packaging products, servicing the automotive, healthcare and food sectors.
The financial terms of the deal have not been disclosed, however the new equity structure means that both the owner and management team are now aligned and are focused on continuing to drive the business forward.
“We are delighted to have completed this transaction. We look forward to driving the planned growth within the business, including a forthcoming £10m capital spend programme. Isca Ventures provided clear strategic advice over the past twelve months and we appreciated their efforts putting this transaction together. We look forward to their continued involvement with Gelpack over forthcoming years.” said Geoff Davis, Managing Director, Gelpack Excelsior and Gelpack Industrial.
“We were pleased to put this transaction together for the management team of Gelpack. We have no doubt this transaction will contribute positively towards the future prospects of the group.” added Mark Champion, Partner, Isca Ventures.