BDO and Hill Dickinson advise Learoyd Packaging
Learoyd Packaging, a UK-based flexographic print specialist, has hired consultants of BDO and Hill Dickinson to co-manage its sale to US-based Coveris, the world’s sixth largest packaging company. Financial details of the transaction have not been disclosed.
Learoyd Packaging has been established in 1948 under the name Learoyd Paper Mills. Following its first management buyout (MBO) in 1976, it rebranded to Learoyd Packaging. The company is based in Burnley, Lancashire, and has approximately 180 employees. Clients of the company include Seabrook Crisps, Warburtons, Waitrose and Marks and Spencer. Learoyd Packaging has a turnover of roughly £20.2 million.
Coveris is a US-based plastic packaging company that, with its 64 plants across North America, Europe, the Middle East and China, is the sixth largest company of its kind in the world. Coveris’ global revenues are more than $2.8 billion.
Over the past years, Learoyd Packaging has set the target to significantly grow its business, both in the UK and in other markets. With the sale to Coveris, the firm can now accelerate the realisation of its plans, says Allan Ferguson, Managing Director at Learoyd. “The backing of Coveris will enable us to deliver accelerated growth in a market which offers considerable expansion and cross-selling opportunities both in the UK and internationally.”
For Coveris, the acquisition of Learoyd Packaging is considered a valuable addition to its portfolio, as the British company can build on a strong reputation and track record. “Through our aligned capabilities in flexographic print, Coveris’ investment in Learoyd will offer our customers greater access to first-class technology and an extensive knowledge base,” commented Mark Lapping, President of Coveris’ UK Food & Consumer business, on the acquisition.
BDO and Hill Dickinson
To assist with the deal, Learoyd Packaging hired the Corporate Finance team of professional services firm BDO. The BDO team consisted of among others Ruth Percival, Sam Irving and James Fieldhouse. “Learoyd has invested heavily in its people and infrastructure following its MBO in 2003. With a quality management team driving a ‘best in class’ ethos and a business that has delivered revenue growth of almost 10% year on year since 2005, it was an attractive proposition for many trade buyers and private equity investors around the globe,” says Percival, M&A partner at BDO.
Other advisors that contributed to the transaction were Emma Suchland and Lauren Fletcher from BDO for Tax advice, and Craig Scott and Jonathan Brown from Hill Dickinson for Legal advice.
