Learoyd Packaging has been advised by BDO LLP on its sale to the world’s sixth largest packaging company, Coveris.
Based in Burnley, Lancashire and employing approximately 180 people, Learoyd was established in 1976. As one of the UK’s leading flexographic print specialists, its blue chip client base includes Seabrook Crisps, Warburtons, Waitrose and Marks and Spencer.
Coveris, based in the US, is the sixth largest plastic packaging company in the world with 64 plants across North America, Europe, the Middle East and China, and aggregate revenues of more the US$2.8bn.
The corporate finance team at BDO LLP in Manchester were instructed as lead advisers to Learoyd. Led by partner Ruth Percival, Sam Irving and James Fieldhouse, the firm’s sale mandate sourced interest from potential purchasers across the world.
M&A Partner at BDO, Ruth Percival, said: “Learoyd has invested heavily in its people and infrastructure following its MBO in 2003. With a quality management team driving a ‘best in class’ ethos and a business that has delivered revenue growth of almost 10% year on year since 2005, it was an attractive proposition for many trade buyers and private equity investors around the globe.”
Allan Ferguson, managing director at Learoyd, said: “Over recent years, we have invested in the long-term growth of the company to develop a state of the art facility with extensive design capabilities as well as training and development for our staff. The backing of Coveris will enable us to deliver accelerated growth in a market which offers considerable expansion and cross-selling opportunities both in the UK and internationally.”
Mark Lapping, President of Coveris’ UK Food & Consumer business, said: “Learoyd has built an enviable market reputation for flexible packaging through its innovative culture, focus on best practice and strong management team. Through our aligned capabilities in flexographic print, Coveris’ investment in Learoyd will offer our customers greater access to first-class technology and an extensive knowledge base.”
Other North West advisers to the vendor included Emma Suchland and Lauren Fletcher at BDO (tax) and Craig Scott and Jonathan Brown at Hill Dickinson (legal).
