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Grimsby food packaging specialist Ultimate Group has been bought out by a global giant in its field.
ProAmpac, an international leader in flexible packaging and material science, has completed a huge undisclosed deal for the major Europarc operation.
Recent years have seen it expand substantially on the flagship business park, having started life as a solo merchanting operation in Brigg back in 1982.
It now employs more than 250 people, turning over £50 million as it works with the likes of Aunt Bessie’s and Young’s Seafood, while delivering own label packaging solutions for all the major retailers.
Greg Tucker, founder and chief executive of ProAmpac, said: “Ultimate Packaging’s innovative team and high-quality flexible packaging portfolio are exciting complements to ProAmpac’s growing family.
“As we expand our reach across the UK, this combination will help us better serve our customers with an enhanced offering of recyclable and compostable solutions.”
A huge drive has been sustainability in recent years, while also pioneering personalisation and digitalisation.
Nigel Tonge, founder of Ultimate Packaging, said: “As a family-owned business, it was important for us to select a partner who shared our values, commitment to innovation and philosophy of partnership with our customers. We are pleased to work together with Greg and the ProAmpac team to extend our collective market leadership and provide tremendous value to our customers.”
Cincinnati-based ProAmpac is owned by Pritzker Private Capital along with management and other co-investors. Ultimate is ProAmpac’s fourth acquisition of the year, and third in the UK.
IG Industries and Brayford Plastics Ltd were added in March.
It has almost 50 manufacturing sites globally, with more than 5,800 employees supplying more than 5,000 customers in 90 countries. It serves consumer, healthcare, e-commerce, retail and industrial goods markets. Ultimate Packaging will adopt the ProAmpac brand as operations are maintained.
Jeremy Hodson, managing director of Ultimate Packaging, said: “The Ultimate operations team and I, who will remain with the company, are looking forward to working with the ProAmpac team to further enhance our customer offering and opportunities for growth.”
By: David Laister