Essentra acquires packaging firm for undisclosed sum

8th Nov 2013 07:57

- Acquisition of carton supplier- Immediately earnings-enhancing- Funded from existing facilitiesEssentra, the FTSE 250 supplier of speciality plastic, fibre, foam & packaging components, has acquired Dakota Packaging for an undisclosed sum. The carton supplier was acquired on a cash-free, debt-free basis, with the consideration funded from the company's existing facilities.The firm said the acquisition of Dakota "not only reinforces the division's product range and customer base in healthcare packaging, it also provides significant additional scale in the Irish market". For the year ended September 30th 2013, Dakota generated revenue of €15.2m. The transaction will be immediately earnings enhancing to the company.Colin Day, Chief Executive, said: "The acquisition of Dakota is consistent with Essentra's Vision 2015 strategy of supplementing balanced, profitable organic growth with value-creating transactions. "With its complementary product range and strong, long-standing customer relationships, Dakota is not only a compelling fit with our recent acquisition of Contego Healthcare Limited in the attractive growth healthcare and pharmaceutical packaging sector, but also reinforces our position in the sizeable Irish market."NR