IPL Plastics has announced that it assigned a Share Purchase Agreement to acquire Loomans Group for a total consideration of $85.5 million.
The group said the deal was financed by existing cash resources and credit facilities.
The transaction is due to close by the end of March 2019.
Loomans had a normalised Adjusted EBITDA of $11.1 million in 2018. The group, whose headquarters are based in Belgium, will be integrated into IPL’s Consumer Packaging Solutions business in Europe.
‘Loomans is an impressive, single-site tooling and plastics manufacturing business, with significant in-mold labelling expertise, operating for over fifty years,’ a statement from the group read.
‘The acquisition is consistent with IPL Plastics’ acquisition strategy. It diversifies the Group’s geographic footprint, adding new capacity and capabilities to serve a broader customer base such as the cosmetic/personal care and beverage sectors in the consumer space.’
“We are also delighted to announce the acquisition of Loomans, a business we have been tracking since 2015,” IPL Plastics CEO Alan Walsh said.
“Loomans will add geographic, customer and sector diversification which will enable IPL Plastics to participate in new and existing customer growth plans in continental Europe and also provides us with in-house tooling manufacturing capabilities.”
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.