Irish-owned Zeus Packaging, an independent packaging manufacturer and distributor, has acquired Austrian-based food packaging solutions business, Petruzalek, which was part of Sirap-Gema Group
In 2020, Petruzalek achieved revenues of approximately EUR58 million, net assets of EUR16 million and EBITDA of EUR2.5 million. The acquisition, for an undisclosed sum from Italian investment holding company, Italmobiliare, completes a three-year EUR40 million acquisition strategy for Zeus. It is the seventh business to be integrated into the Zeus family during the past 18 months. Established by Brian O’Sullivan in 1998, this acquisition brings the number employed by Zeus from 450 people across 14 countries to 670 people across 26 countries. The group’s turnover has grown substantially over the past three years, reaching EUR208 million in 2020 and expected to reach EUR280m for 2021.
Zeus CEO Keith Ockenden says: ‘This latest acquisition is the largest in our strategic expansion, and along with recent investments in our leadership operational infrastructure, is an integral part of Zeus’s long-term growth strategy. The purchase of Petruzalek significantly extends our reach into new markets, brings complementary diversification to our product range and further enhances our client network.
Source: Private Equity Wire
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