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St Neots Packaging

www.fastfoodpackaging.com

Transaction Type: Acquisition and Growth Capital
Status: Current Investment
Sector: Printing and Packaging
Investment Date: April 2008
Deal Size: Undisclosed

Endless Contact: Ian Brown

THE BUSINESS

St Neots Packaging Limited is a specialist print and packaging company, based in Cambridgeshire, supplying into the fast food and retail sector. The business manufactures sandwich packs, fast food containers, food packaging and children's meal promotions from its facility in St Neots, Cambridgeshire. In addition the business has a Hong Kong operation which allows it to source additional product at highly competitive prices.

St Neots has a strong focus on using environmentally friendly materials. Its customers include the larger food retailers such as Tesco, Morrisons and KFC. St Neots was established by Gary Orsman and Michael Kearns in 1994 to target a niche sector of the food packaging industry. The business has grown to turnover of £19m with profits in excess of £3.5m.

INVESTMENT COMMENTARY

Co owners Orsman and Kearns have significant plans to grow St Neots through the development of new environmentally friendly products and penetration of new markets. This strategy was based on securing a suitable funding partner who could move quickly and support their ambitions. Endless was introduced to the business in January 2008 and has taken a minority stake for an undisclosed sum.

HSBC Bank plc provided acquisition and working capital facilities. Endless was advised by Ingram Forrest (Don Gray) with Ernst & Young (Ian Robinson) providing Financial and Commercial due diligence. Walker Morris (Debbie Jackson, Rebecca McCall and Peter Considine) provided legal support to Endless with Vincere LLP (John Dewhirst) providing finance department due diligence.

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