Excelsior Technologies Limited acquired by Mondi Group

Enact is delighted to announce that its investment, Excelsior Technologies has been sold to Mondi Group for a total consideration of £32.9 million, on a debt and cash-free basis. 

Excelsior Technologies is a UK manufacturer which supplies flexible packaging solutions to 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.  The transaction sees the business find a long term home in the Mondi Group following a period of strong growth over the last two years.

Enact Fund invested in Excelsior Technologies alongside incumbent investor Growth Capital Partners in December 2014.  Since that time the management team, led by Executive Chairman Keith Chapman, have taken the business from strength to strength – increasing its international presence, launching a number of new products and undertaking a major overhaul of the two manufacturing sites in Deeside and Nelson.    This exit marks the second realisation by the Enact Fund and delivers a 9.1x return to Investors.

Chris Cormack, Investment Director at Enact said;

“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.”

Keith Chapman, Executive Chairman at Excelsior Technologies said;

“With Enact & 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.”

Commenting on the acquisition, David Hathorn, Chief executive of Mondi Group, said:

“The acquisition of Excelsior supports the development of our Consumer Packaging business in high growth product applications. Its leading microwave steam cooking packaging technology complements and enhances our global food packaging offering”.

The shareholders of Excelsior Technologies were advised by Deloitte, led by Nick Wood and Gordons LLP, led by James Fawcett.