Proseal acquired by US firm in £220m deal
The purchase, subject to regulatory approvals, would allow Proseal to further expand its business via access to JBT’s global sales and service network. The deal is expected to close in the second quarter of 2019.
Proseal’s management team, led by founders Steve Malone and Robert Hargreaves, will remain in place and the brand name will also be retained.
Commenting on the purchase, Malone said: “We are delighted to announce that Proseal is to become part of JBT, which will significantly enhance our global presence.
“This deal will ensure Proseal’s continued growth and success, enhancing our customer support overseas as well as growing our business into new markets.”
Expansion of JBT’s capabilities
JBT chairman Tom Giacomini described the acquisition of Proseal as an important expansion of JBT’s capabilities, which added significantly to its end-of-line market position and advanced its strategy of providing full-line customer solutions.
“Moreover, we believe Proseal’s technology affords growth opportunities around the globe,” he added.
Established in 1998, Proseal employs 350 staff in Adlington, Cheshire, with additional facilities in Richmond, Virginia and Melbourne, Australia, and supplies high-quality tray-sealing machines to markets worldwide.
The company reported operating profit of £14.1m for the year ending 31 January 2018 with a turnover of £60m. A majority of the company’s sales were split between the UK (£26.7m) and the US (£28.9m).
Queen’s Award
Last year, the technology provider won a Queen’s Award for Enterprise in the category of International Trade, in recognition of its continuous growth over the past six years.
JBT’s agreement to purchase Proseal followed a number of acquisitions in the food and drink industry over the past month.
Canadian dairy processor Saputo completed its acquisition of Cathedral City and Clover owner Dairy Crest, in a deal worth £975m.
Meanwhile, Clipper Teas and Whole Earth owner Wessanen has accepted a takeover bid from private equity firm PAI Partners and Delta Partners co-founder Charles Jobson, in a deal worth €885m (£737.2m).
