Based in Newport, Wales, Heathpak processes an average production volume of 16,000 tonnes of solid and corrugated packaging per year, largely for the meat, fish, poultry & horticultural sectors. It operates both offset and digital equipment, which will bring significant printing and finishing capabilities to Netherlands-headquarted Solidus’ UK operations in Corby and Skipton.
The company employs around 60 staff and in its most recently filed accounts at Companies House, for the year ended 31 May 2020, it reported a turnover of £14.8m, up from £14.3m in 2019.
Solidus said the acquisition, which was completed on Monday (1 February), will enable the company to “further optimise service levels to existing and new customers through shorter lead times as well as improved innovation capabilities”.
The company acquired Heathpak from its two owners, Lyndon Whitlock and Alan Heath. Whitlock is joining the Solidus group and will continue to lead Heathpak while John Curran, managing director for the UK, will assume overall responsibility of Solidus’ UK operations.
Solidus manages the entire process of solid board for multiple products and industries around the world.
The business was previously the solid board operation of Smurfit Kappa in the Netherlands, Belgium and the UK. It was rebranded as Solidus Solutions after it was acquired by pan-European mid-market investor Aurelius in April 2015. It is currently owned by Centerbridge Partners, which acquired the company from Aurelius in September 2019.
Gambit Corporate Finance acted as lead advisor to the shareholders of Heathpak on negotiating and structuring the transaction with Solidus. The Gambit team was led by partner Frank Holmes, associate director Sam Forman and analyst Oliver Jarman.
Forman said: “This is a landmark deal in the sector with [Heathpak] being renowned across the UK and Europe for its technical and production capabilities and strength of supplier and customer relationships.
“The acquisition by Solidus will enable it to leverage the benefits of an even bigger team to further accelerate growth and continue to deliver real competitive advantage.”
Acuity Law advised Heathpak and its team comprised Paul Lowe, Tom Saunderson and Chiara Howfield.
