Gresham Private Equity, the UK mid market private equity specialist, has provided funding in excess of £30 million to support the future growth of Esterform Packaging.
Esterform – a UK supplier of PET preforms and bottles to the UK beverage industry – manufactures a range of plastic bottles for the soft drinks, alcoholic and speciality markets and has a presence in the water, juice and smoothie market. At present, the company is developing a plastic beer keg as a replacement to the traditional steel keg.
Headquartered in the Midlands, Esterform has two manufacturing facilities in Tenbury Wells and Leeds employing over 200 people.
Since the business was founded in 1998, Esterform has acquired Able Industries in 2001 and Petplas Packaging in 2005. The growth – combined with these two acquisitions – has transformed the business into a major player in its industry with revenues approaching £50 million. With Gresham’s support, the business will continue to grow through the acquisition and subsequent integration of related businesses. Further investment in its manufacturing capability is also planned.
Ian Woodhead will join the board as Chairman. Woodhead has experience of manufacturing businesses supplying the food and beverage industries, most recently having been the Chairman of Whitworths, the leading UK brand for healthy-based eating and snacking products.
Lloyds TSB Acquisition finance provided the debt for the transaction.
Previous Gresham industrial products deals include Just Trays, Minivator, Olaer, Altair and Page Aerospace.