Excelsior Technologies

Enact Fund

Since it was established in 2004, Excelsior Technologies has built a reputation based on high quality packaging solutions, employing 280 people over its two sites in Deeside, North Wales and Nelson, Lanchashire. From these two modern, well invested and efficient production facilities Excelsior operates at the leading edge of flexible packaging innovation, supplying internationally recognised brands across Europe and the United States with a particular focus on the food and confectionery sector, excelling in steam and microwave packs, pouches, household goods and medical packaging.

Prior to Enact’s investment in December 2014, Excelsior was heavily loss making, suffering from the loss of key customers and volatility in exchange rates and commodity prices.  Investing alongside the incumbent investor, Growth Capital Partners, to support the business through its recovery and subsequent growth, the Enact team led by Chris Cormack and Paul Denvers quickly focused on strengthening the management team, recruiting Keith Chapman (Executive Chairman), Paul Thomas (Operations Director) and  Ian Bragg (Finance Director) and promoting Julie Eller (Sales Director).  The refreshed team implemented new process and procedures, strengthened key customer relationships and led an overhaul of the two manufacturer facilities.

Within two years of Enact’s investment Excelsior was facing a much brighter future, growing existing customer volumes and securing profitable new contracts with a host of household names.  The strength of the turnaround attracted the attention of the key players in the sector and in January 2017 the FTSE 100 packaging business The Mondi Group acquired Excelsior for £32.9m, securing a 9.1x return for the Enact Fund.

Upon completion of the disposal to The Mondi Group Keith Chapman, Executive Chairman at Excelsior Technologies commented:

"With Enact and Endless' backing we have been able to establish the business as "best in class", serving a portfolio of blue chip customers across the globe. The future looks very bright with the two businesses being an excellent product, operations and strategic fit."

Chris Cormack comments on Endless' exit to The Mondi Group:

“Having been involved since our initial investment in Excelsior Technologies we are delighted to have seen the transformation and growth of the business that has seen us exit to Mondi Group.  We are incredibly proud of the work that has been done, not only visible from the improvements at the two manufacturing sites but also the strengthened customer relationships and the exciting new products launched over the last two years, all of which have created a strong base for the business as it looks to the future.  Keith Chapman, Julie Eller, Ian Bragg and Paul Thomas have been an excellent management team that we have greatly enjoyed working with and we wish them all the best for the future.”

Excelsior is a great example of Endless’ ability to work alongside incumbent stakeholders to find solutions at speed, securing the future of a business after a period of significant uncertainty, establishing a platform for growth and generating strong returns for Enact’s investors.