Adare Group sells non-core packaging subsidiary to Americk Packaging
Yorkshire-based Adare Group has sold its subsidiary, Adare Advantage, to the Irish specialist packaging group, Americk Packaging for an undisclosed value. The deal completed on 12th November, seven months after a secondary MBO of Adare Group, backed by private equity firm Endless LLP.
Robert Whiteside, Adare Group's CEO, commented: “Adare Group’s strategic focus is the provision of marketing and essential communications services through our core businesses, Adare International and the recently formed Adare SEC (the integration of Kalamazoo and Adare Limited which became effective on 1st November 2015).
As part of a strategic review of our activities undertaken following our MBO, it was clear that as a packaging specialist, Adare Advantage would fit better as part of a packaging group. We are pleased that Adare Advantage will now be part of Americk Packaging, which has vast knowledge of the industry, an impressive infrastructure and ambitious plans. We wish them every success in the future, and I would also like to thank Livingstone Partners for their first class handling of the transaction on our behalf."
The addition of Adare Advantage will see Americk Packaging hit €140m in sales revenue by year end and adds a variety of new products and impressive artwork services to its growing portfolio.
Americk Advantage Managing Director David Mills added: "This is a tremendous opportunity for our business, staff and customers. With the backing of Americk Packaging our vision to continue to develop innovative solutions and meet the challenges and demands of the industry is a mouth-watering prospect. We are already sharing with our customers how this announcement will add value and enhance the service they already enjoy.”
Livingstone Partners provided M&A advice to Adare Group. Legal and tax advice was provided by Gordons LLP and KPMG respectively.