Woodberry Packaging is a wholly owned subsidiary of Woodberry Capital, a non-institutional private equity firm that invests in businesses with the potential for long-term value creation.
It is led by Patrick Doran who has extensive experience in the print and packaging sector, having owned Americk Packaging which was sold in 2016.
Incodia, which employs 125 people, represents Woodberry Packaging’s first acquisition outside of Ireland as it continues to expand its print and packaging operations. It acquired Dublin-based print and packaging firm Colorman in 2021.
Following the completion of this acquisition, which was announced this week, Woodberry Packaging is forecasting revenues of €48m (£42m) in 2023. Incodia reported a turnover of €15m for the year to 31 December 2022.
Doran said he was “very pleased” to announce the acquisition of Incodia.
“Incodia has consistently evolved and innovated over successive decades to become the industry leader it is today. Incodia’s capabilities strongly complement our other print and packaging business, Colorman, and we are confident of its long-term growth prospects as part of Woodberry Packaging.
“We look forward to supporting Allan [Lock, Incodia chief executive], the management team, and employees as Incodia continues to develop in the coming years.”
Lock added: “I am delighted that Incodia is to become part of Woodberry Packaging through this acquisition. Incodia’s strong complementary fit, alongside Colorman, will serve to strengthen the group’s growth ambitions.
“The Incodia business will also benefit, through enhanced capabilities, expertise, and scale. We look forward to working with Patrick, who himself has significant experience in the print and packaging industry, as well as the team at Colorman, as we continue to build on our market leading position and grow our services to many of the UK’s best-known brands.”
Formerly CPI Card Group UK, Incodia produces over 350 million cards every year. Established in 1979, the business operates across two locations, in Colchester, Essex and Skelmersdale, Lancashire.
In summer 2021 it took on a Heidelberg MK Promatrix 106 CSB die-cutter to increase its speed and flexibility and enable it to produce more complex packaging for a range of new applications.
In 2018, it had installed the first Heidelberg CX 102-8+L UV press in the UK with spectral colour measurement. It also runs inkjet kit as well as silk-screen presses and an array of die-cutting, collating, folding, and laminating equipment.
