Yorkshire-based Adare Group has sold its subsidiary – Adare Advantage – to the Irish specialist packaging group, Americk Packaging for an undisclosed value. The deal completed seven months after a secondary MBO of Adare Group, backed by private equity firm Endless.
Robert Whitesnade, Adare Grouo’s CEO, said: “As part of a strategic review of our activities undertaken following out MBO, it was clear that as a packaging specialist, Adare Advantage would fit better as part of a packaging group.”
The addition of Adare Advantage will see Americk Packaging hit €140 million in sales revenue by year end and adds a variety of new products and impressive artwork services to its growing portfolio.
Americk Advantage managing direction David Mills added: “With the backing of Americk Packaging our vision to continue to develop innovative solutions and meet the challenges and demands of the industry is a mouth-water prospect.”
Livingstone Partners provided M&A advice to Adare Group. Legal and tax advice was provided by Gordons and KPMG respectively.