The agreement will see Produce Packaging expand its regional presence and the breadth of services both businesses can offer to new and existing clients. The businesses continue to operate independently, but both will benefit from access to new markets, being able to offer a wider product range and to enhanced distribution channels.
Innavisions was founded in 2000 by Paul Bagnall and Nick Wild. The business specialises in injection moulded and thermoformed packaging for the food manufacturing industry which is tamper evident or film sealable and is partnered with a number of key leading European packaging manufacturers.
Produce Packaging, which has sites in Kent, Lincolnshire, Herefordshire and Angus (Scotland), specialises in working with fresh foods and the acquisition is set to expand its footprint in the food manufacturer sector.
The businesses will have a combined customer base of 480 and the total full-time staff rises to nearly 50 people.
Mark Tierney, Managing Director of Produce Packaging, said: “We have seen strong growth in the Produce Packaging business and the acquisition of Innavisions Ltd will enable us to continue to expand geographically and into new markets, providing Produce Packaging’s customers with access to new product ranges.
“There will also be significant benefits for the Innavisions business as their operations will have access to our established distribution network. The businesses will continue to operate separately but with the benefit of having access to a wealth of pooled resources.
“Innavisions and Produce Packaging have a track record of innovation in the packaging sector and it is a natural fit for the future of our businesses.”
Paul Bagnall, former shareholder and Managing Director of Innavisions Ltd, will remain with the business as an adviser. Nick Wild, Sales and Marketing director, will also remain with the business as will the wider Innavisions team.
Paul said: “Innavisions and Produce Packaging both have their own niches and specialisms and by joining forces we can provide an even stronger offer to our customer base.
“This is very good news for our staff and will see excellent career development opportunities and provides a secure long term future for customers and colleagues.
Tracy Evans, Legal Director of EMW Law, advised Produce Packaging. Innavisions were advised by Grant Howard, partner at Burgis & Bullock, and Bradley Quin, partner at Lodders.
Grant Howard and Niall Douglas from Burgis & Bullock advised on corporate finance matters.
Grant Howard said: “This is a perfect fit and brings significant benefits for both businesses.
“The deal sees two companies coming together which both have a customer-focused approach, and the acquisition will support each side to continue innovating and offering an enhanced overall product range to customers.”
