News

Plastics Film Extrusion: Equity Investor Acquires Britton Flexibles

Equity investor Sun Capital Partners continues its hot streak of acquiring flexible packaging processors. This time, Sun European Partners LLP, the European adviser to Sun Capital Partners Inc., has acquired flexible plastic packaging processor Britton Flexibles Ltd. from the Direct Principal Investments division of HSBC.

The Britton Group extrudes and converts cereal–liner films, printed shrink wrap film and banking coin bags, among other products, from its three facilities in Northern England, including what it claims are the largest film extrusion site and the largest integrated flexographic printing facility in the U.K.

The recent flexible packaging acquisitions of the company include Albéa, Exopack Holding, PaperWorks Industries, Paccor, Reuther Verpackung GmbH & Co. KG, and Veriplast Solutions. Its 17 packaging company acquisitions have a combined revenue in excess of $3.1 billion, according to Sun European Partners.

The Direct Principal Investments U.K. division of HSBC and the incumbent management team acquired Britton in 2008, with a debt package provided by HSBC’s leveraged finance team. Since then the business performed strongly, according to the new owner, making it an interesting acquisition target.

Philippe Neuschaefer, VP of Sun European Partners, commented, “We are excited to complete the acquisition of such a strong business in the specialist packaging industry. In the past year alone, affiliates of Sun European Partners have completed more than half a dozen acquisitions in the packaging industry across Europe and the U.S. The Britton Group, with its excellent track record in flexible plastic packaging, particularly extrusion, flexographic printing and conversion of flexible films, is an excellent fit with our existing European packaging businesses.”