Feb. 10, 2021 - Irish-owned Zeus Packaging today announced the signing of a binding agreement to acquire Austrian-based food packaging business Petruzalek, which is part of Sirap Group.
Financial terms of the deal were not disclosed.
Petruzalek, which became part of the Sirap Group in 2003, is a supplier of a wide range of packaging machinery and packaging materials — from foils through bags and cups to hygienic aids. The company operates in 12 countries with a turnover of around 50 million euro.
"This latest acquisition is the largest in our strategic expansion, and along with recent investments in our leadership operational infrastructure, is an integral part of Zeus's long-term growth strategy," said Keith Ockenden, CEO of Zeus. "The purchase of Petruzalek significantly extends our reach into new markets, brings complementary diversification to our product range and further enhances our client network.
"Petruzalek's product range utilises low environmental impact renewable, recyclable and compostable materials enabling us to further deepen our focus on sustainability in 2021. As always, we are committed to delivering innovative sustainable packaging solutions for our valued clients in Ireland, the UK and across Europe," Ockenden said.
Zeus Founder Brian O'Sullivan added, "In 2020, despite the pandemic, Zeus reached a milestone with revenues exceeding EUR 200 million. With today's announcement, Zeus remains on track to become the largest independent packaging distribution business in Europe."
Closing of the transaction is expected during the second quarter 2021.
Sirap Group is one of the most qualified producers of fresh food containers in Europe. The company was founded in Verolanuova (BS) in 1960 and is wholly owned by Italmobiliare, an Italian holding listed on the Milan stock exchange.
Zeus Packaging, founded in 1998, is a European and international player in the packaging sector with operations in Ireland, United Kingdom, Spain, Germany, Poland, USA, Canada, Australia and New Zealand.
SOURCE: Zeus Packaging and Sirap Group
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