Zeus makes third acquisition in six months with £5.5m deal for VaioPak
Irish-owned packaging group is targeting revenues of €200m by the end of next year
Brian O’Sullivan, chief executive of Zeus Packaging
Irish-owned packaging company Zeus has acquired British rival VaioPak in a deal valued at £5.5 million (€6.4 million).
The acquisition is Zeus’s third since December with the company having spent a combined €15 million as it looks to ramp up growth.
Made up of ten sister companies, Essex-based VaioPak provides a range of packaging products to clients that includes Jo Malone, Starbucks, Red Bull, Tesco and Audi. It has an annual turnover in excess of £5 million (€5.8 million).
Zeus said the deal would strengthen its foothold in Britain while also boosting company growth by an estimated 15 per cent.
Established by Brian O’Sullivan in 1998, Zeus employs 185 people in the Republic, and 350 in total across 12 countries worldwide. The group’s turnover rose to €150 million from €135 million in 2018 with the company growing at a rate of between 7 to 10 per cent per annum over the last five years.
The company forecasts that revenues will reach €175 million this year with a target of €200 million in 2020.
Zeus acquired Dublin-based Aldar Tissues last December and Naas-headquartered Essential Supplies two months later as part of an acquisition-led growth strategy.
“Since I founded the company in 1998, a key part of Zeus’s strategic global growth has been identifying successful companies whose innovation and ambition will match and drive our own. VaioPak is a key player in the UK, with high-value and high-profile clients. The VaioPak team has also built a powerful e-commerce platform with an embedded client base that Zeus can leverage for increased cut-through into both the UK and the US,” said Mr O’Sullivan.