Established in 2004, Excelsior Technologies built a reputation based on high quality packaging solutions, employing 280 people over its two sites in Deeside, North Wales and Nelson, Lanchashire. 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.
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.