Gordons Advises on Enact Sale of Excelsior Technologies
Thursday 23rd February 2017
Yorkshire law firm Gordons has advised Enact, the dedicated SME fund managed by Endless, on the sale of Excelsior Technologies to Mondi Group for a total consideration of £32.9m.
Enact initially invested in Excelsior Technologies in December 2014 and the transaction will see the business, which has experienced significant growth in the last two years, become part of Mondi Group.
The business, which was founded in 2004, supplies flexible packaging solutions to internationally recognised brands across Europe and the United States with a particular focus on the food and confectionary sector.
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. “
Since Enact invested in Excelsior Technologies in 2014, the company has enhanced its international presence, launched a number of new products and overhauled two of its manufacturing sites in the North West.
Gordons’ head of corporate, James Fawcett, who advised on the deal, said: “We are very pleased to have been able to help facilitate the sale of Excelsior Technologies to the Mondi Group. The business has gone from strength-to-strength in the last two years and we have every confidence that it will continue to do so in the coming years.
“This deal marks a good start to 2017 and indicates the clear appetite for investment in entrepreneurial businesses.”