The value of the deal for the £28m-turnover business was not disclosed.

MPS has signed a definitive agreement with owners Laura and Jeffrey Conway, and subject to clearance from the Competition & Markets Authority the deal is expected to complete in the first quarter of 2015.

PPG specialises in luxury gift packs for the food and drinks industries, clients include Asda, Bacardi, Diageo, Harrods, Marks & Spencer and a raft of leading whisky brands.

“I have been involved with the business for over 20 years and I am proud of what has been achieved. We have built a strong reputation for innovation and service and we now produce packs for some of the world’s most prestigious brands,” said PPG managing director Laura Conway.

As well as its manufacturing operation in Arbroath, Scotland, the 50-year-old, 150-staff business also has sourcing operations in Hong Kong and mainland China through its subsidiary Presentation Products Asia Pacific.

“As we continue to build our premium packaging capabilities for the branded consumer and healthcare markets, the addition of PPG to MPS enhances our manufacturing, creative design, project management and global sourcing capabilities,” said MPS president Dennis Kaltman.

According to MPS head of marketing & communication, Bob Houghton, PPG will be rebranded under the MPS name after a “transitional period allowing customers to become familiar with the change of ownership”.