Deal Details: Corrugated Packaging Holdings Limited, trading as Packaging Holdings, has acquired Ace Corrugated and Craftpak Packaging. Consideration was not disclosed for either deal.

Packaging Holdings is a corrugated packaging business which was incorporated in June 2022. It has since raised €40m in a mixture of debt and equity. Its investors and shareholders include IFP Investments Limited chaired by Barry O’Brien, Martello Group (the family office of Doug Brennan) headed by Tom Reynolds, Staunch Limited (the family office of James Healey) headed by Declan Cassidy, and the former owners of Ace Corrugated and Craftpak Packaging.

Ace Corrugated is a Cavan-based corrugated packaging company that was incorporated in 1998 and was led by Managing Director Pat O'Reilly. The business does not report turnover or EBITDA information.

Craftpak Packaging is a Dublin-based corrugated packaging company that was incorporated in 1995. It was owned by Managing Director Paul Murphy. The business does not report turnover or EBITDA information.

 

Advisers:
Packaging Holdings:
Legal: OCWM Law led by Edel Conway and Michael Walsh.

FDD: RBK led by Aidan Heavey and Chris Small and John Donohoe & Co. led by John Donohoe.

Renatus Comment: This follows IFP Investments Limited's acquisition of Irish Flexible Packaging and Fispak Limited in 2019 and sale to ProAmpac in November 2021, a portfolio company of Pritzker Private Capital. Both Ace Corrugated and Craftpak Packaging are engaged in the manufacturing of corrugated boxes. The corrugated packaging industry is highly fragmented with a low degree of cyclicality and is supported by several macroeconomic tailwinds. The growth of e-commerce has driven the need for cost-effective solutions as part of a direct-to-consumer model. Corrugated is the most recyclable packaging solution and there is an ongoing trend towards improving sustainable packaging solutions. 

Source: Press Release