The Burnley-based boardmaking and converting group went into administrative receivership on 23 June with DTE Corporate Recovery (PrintWeek, 17 July).
Croftacre plans to operate the group through two divisions, Papermarc Mill and Papermarc Merton.
The Mill business will control its 120,000-tonnes-a-year waste-based containerboard and cartonboard mill in Burnley, while Papermarc Merton will take charge of its three converting plants at Burnley, Leek and Aberbeeg in south Wales.
The acquisition is Croftacres first venture into the paper industry. It is mostly known for its management of companies in the plumbing and heating engineering sector.
Have your say in the Printweek Poll
Related stories
Latest comments
"I have worked in quite a few print sectors, including Walstead in the past. It is all tough, but most will not be surprised that the packaging sector is still growing. However, the service in the..."
""longer run litho work had “now returned to the Far East”?
Is this happening a lot?"
"Thanks Jo, look forward to reading it in due course. Administrators generally argue that they need to act with lightning speed in order to protect the business/jobs, thereby overlooking the fact that..."
Up next...
Revenue up to £3.2m, profits quadupled
Footprint picks up pace of acquisition strategy with Swindon’s C3
Controversy emerges over relationship with potential suitor
National World shares soar on takeover approach
24/7 access for customers
Bakergoodchild launches new SaaS platform
Strategic move for global growth