Gaasch Packaging take over Pattesons in multi-million pound deal
This entry was posted on May 5, 2017.
Industrial Packaging Group (part of Gaasch Packaging) have recently completed the takeover of Pattesons Glass Ltd in a multi-million pound deal.
Pattesons Glass Ltd has been bought out by a large European operator in a multi-million pound deal.
The majority stake in the business has been taken by Industrial Packaging Group, an £85 million turnover operation based in Belgium. It is part of the family-owned and Luxemburg-based holding company, Gaasch Packaging.
David Mann, managing director at Pattesons, said: “This is a fantastic opportunity for Pattesons to continue its growth and strengthen its operations further still, to offer its customer base the best possible service.
“We are also looking forward to working with such an established business in the packaging sector and all the additional qualities that will bring.”
Pattesons, established in Wootton in 2007, is one of the leading distributors of glass jars, bottles and containers for the food and drink industry.
Having enjoyed rapid growth, launched and then expanded a purpose-built base – Atlas House – on Grimsby’s South Humberside Industrial Estate, it now employs 24 people and last year turned over £5.5 million.
Mr Mann, who is also vice chairman of Wembley-bound Cleethorpes Town FC, was majority shareholder, and has retained 20 per cent in the undisclosed deal – understood to be in the millions – with an appetite to expand as he remains on board.
“This brings exciting times for us at Pattesons,” he said. “I will continue to keep a share in the business and act as managing director, our workforce will all continue in their existing roles with the potential now to increase in the coming months to strengthen our position in the market place.”
Explaining how the deal came about, Mr Mann told how IPG has established operations in Scotland to serve the spirits market, “becoming very successful up there”. “IPG came to us about a year ago,” he said. “Initially we were looking to collaborate, but they became more keen to be involved. It is a good fit, and I see it as a perfect platform for the business to grow.”
Through the acquisition, IPG said it will substantially strengthen its international distribution activities with “a strategic partner who has an excellent presence in the UK”.
IPG operates in bottles and containers for the food, drink, pharmaceutical and cosmetics industries, employing 46 people.
As well as Belgium and the spirits work in Scotland, it has operations in Luxemburg, as well as a distribution partnership in the US and representative offices in Russia and China.