Chiltern portfolio company, Hanmere Polythene Limited, has completed its acquisition of Plasmech Packaging Limited, a local competitor and expert in polythene film extrusion and polythene bag manufacturing. Plasmech was acquired from exiting founder, Keith Bartlett, and Managing Director, Kevin Emmerson, who will remain with the business.
Based in Hitchin, Hertfordshire, less than 5 miles from Hanmere, Plasmech offers a strong product, customer and supplier fit with the enlarged group, and its acquisition supports Chiltern’s strategy to create a pan-European flexible packaging group focussed primarily on end markets in food, food processing, hygiene and personal care.
David Butler, Investment Manager at Chiltern, commented: “We are delighted to support the team at Hanmere in its acquisition of Plasmech and look forward to working together to realise the full potential of the enlarged group while we seek further bolt-on opportunities.”
David Lennon, Chairman of Hanmere, commented: “We are very pleased to have completed the acquisition of Plasmech, as we continue to build out one of the UK’s most highly regarded manufacturers of recyclable polythene packaging products.”
This is the first bolt-on for Hanmere and is in line with Chiltern’s investment strategy of actively supporting its management teams to grow their businesses both organically and through acquisition