Irish-owned global packaging company Zeus is to acquire Poland-based Polpack for an undisclosed sum.
The move will see the Irish company further develop its operations in Poland. Warsaw-based Polpack distributes packaging materials and offers packaging machinery solutions. Established in 1993, it employs more than 40 staff and has revenues of more than €8.5 million a year.
Zeus has operated in Poland since 2010, with revenues now exceeding more than €5 million.
“The acquisition of Polpack is a natural fit for our Poland operation, offering synergies to combine scale, leverage operational efficiencies and expand our product and service offering to our collective client base,” said Zeus chief executive Keith Ockenden.
“Our European reach has strategically expanded during the past two years, with Zeus now operating across 16 countries throughout Europe.
“Polpack’s capabilities in the provision of packaging and machinery solutions complement our strategy to diversify our offering across Europe within the industrial and transit packaging sector, enabling us to offer clients options to consolidate supply chains and leverage greater value.”
Polpack owner Wojciech Zdzieborski said the deal was a new step for the Polish company.
“We are excited to work with Zeus, combining their global reach and infrastructure with our experience, technical skills, knowledge and understanding of customer needs in packaging machinery, developing and manufacturing,” he said.
“This partnership will improve productivity, enhance efficiencies and deliver greater value to our customers.”
Zeus founder Brian O’Sullivan said the addition of the Polpack businesses into the Zeus portfolio would enhance its technical capability in Poland and strengthen resources throughout Europe.
The deal is the company’s first of 2023, part of its acquisition strategy for the year that will see it further consolidate its operations in Europe as it targets revenues of more than €500 million.
In the past 12 months, Zeus has added a further €75 million of revenue through acquisition. Among its acquisitions are Canadian agricultural supply business Agri-Flex and two UK companies, Swanline Group and BoxMart, in 2022.