Italmobiliare sells Petruzalek and Sirap GmbH to Zeus
Packaging in France and the United Kingdom remains at Pesenti
Italmobiliare sells Petruzalek to Zeus. Sirap Gema, 100% controlled by the Pesenti family holding, and the Irish Zeus Packaging have signed a binding agreement in the food packaging sector: Sirap Group will sell its assets in Austria and Central-Eastern Europe (Petruzalek Group) and Germany (Sirap GmbH). The acquisition allows Zeus Packaging to enter new markets, in line with its growth path consolidated over the last two decades. Petruzalek Group was acquired by Sirap Gema in 2003 and currently operates in 12 countries, for a total consolidated turnover of approximately 50 million euros. Sirap Gmbh, acquired by Sirap Gema in 2018, achieved a turnover of around 8 million euros in 2020.
The agreement follows the one finalized in recent weeks, which saw the assets of the Sirap Group in Italy, Spain and Poland become part of the Faerch Group. The new perimeter of the Sirap Group therefore consists of activities in France and the United Kingdom, for a turnover of approximately 70 million euros. The execution of the agreement, subject to the usual conditions precedent, is expected by the second quarter of 2021. For Zeus, the acquisition represents the expansion and strengthening of the presence in 12 countries of Western, Eastern and Central Europe and completes a three-year acquisition strategy for 40 million euros. This is the seventh reality integrated into Zeus during the last 18 months.
"This latest acquisition - commented Zeus CEO Keith Ockenden - is the largest in our expansion plan and is an integral part of our long-term growth strategy. Turnover has grown over the past three years, rising from 208 million in 2020 and aims to reach 280 million by 2021".
EFA News - European Food Agency