Beccles company changes hands in deal worth more than £100 million
- Credit: Archant
One of the region's top companies has changed hands in a deal worth more than £100 million.
Beccles-based packaging manufacturer Maynard & Harris Group Limited has been purchased by Europe's leading supplier of rigid plastic packaging, RPC Group Plc, in a £103.5 million deal.
M&H, which employs about 700 staff across its principle manufacturing site in Beccles and its USA manufacturing facility in Virginia, fabricates a wide range of packaging products into the personal and health care markets, as well as some segments of the food sector across the UK, Europe and USA.
Advised by financial and business advisors Grant Thornton, M&H will operate as an independent business within RPC, enhancing its leading personal care product offering.
M&H generated revenues of £76.7m in the year ending April 30, 2013 with operating profits of £13.9m.
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There are not expected to be any redundancies as a result of the acquisition.
M&H's chief executive officer David Duffield will continue to lead the M&H management team under its new ownership.
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Speaking about the acquisition, he said: 'M&H is a high quality business that is well positioned for growth. As part of RPC, the company will be better placed to enhance its product and service offering and take full advantage of the opportunities for growth that exist in Europe and North America.
'A good cultural fit exists in the way in which the RPC Group and M&H operate and this will form a strong foundation for future success. The management team is delighted to be joining RPC.'