The company has been producing multiwall paper sacks for bulk produces such as animal feed, milling, and milk products for more than 50 years.
It is currently known as MM Bangor.
FitzGerald has spent more than 30 years working in the packaging industry, with two decades at Clondalkin where he rose to head up the group’s specialist packaging and then flexible packaging businesses.
In recent years he has been chairman and executive chairman at a range of other business, working with a number of private equity firms.
The County Down sack maker and printer was owned by Essentra before the Mayr Melnhof takeover of Essentra Packaging just over three years ago.
“This is the first transaction that I’ve worked with Cordovan on, and also their first transaction in the print and packaging space,” FitzGerald told Printweek.
“I heard that Mayr Melnhof was potentially looking to divest it, and as a result put together a deal with Cordovan to buy it. It’s a nice business, and we see a lot of opportunity in brand owners seeking out improvements on packaging sustainability – the whole green circular economy with paper as the raw material, rather than single-use plastics.”
Cordovan has a majority stake, with FitzGerald holding a “significant minority” in the acquired business.
The terms of the deal were not disclosed.
MM Bangor has sales of around £15m and employs 37. It runs 24/5 with flexo printing in up to six-colours, along with customised forming, tubing and bottoming lines to create the sacks.
It is the only paper sack producer on the island of Ireland, and thanks to its location can serve customers in the UK, Northern Ireland, and ROI/EU without trade barriers.
“It’s been well-invested in the past 12 months and has state-of-the-art automation and handling equipment,” FitzGerald added.
He said there was potential to grow the sacks operation organically, but he also had ambitions to acquire more businesses.
“I hope I’ve got a good reputation in the market. I’ve done buy and build before with the Boxes Group back in the day. I may have a few more grey hairs now! But hopefully we can replicate that kind of model.”
FitzGerald noted that he wanted to capitalise on being agile, flexible and customer-focused.
“I’m a big believer in protecting the identities of local companies, so we would not be following the centralised model where decision making is removed and they become cost centres in a group.
“The people that make it happen are the local people,” he added.
Stephen McClelland, partner at Cordovan Capital, commented: “We are thrilled to partner with John Fitzgerald, as well as all the team at Bangor under the leadership of Declan McGrady, true pioneers in the paper sack industry.
“This acquisition aligns perfectly with our mission to invest in businesses that drive positive environmental impact. Together, we will accelerate innovation, expand market reach, and strengthen the company’s position as a leader in sustainable packaging.”
The business will be rebranded with a new name to be decided in the coming weeks.
FitzGerald will become executive chairman.
