Gambit advises Heathpak on cross-border sale to Solidus Solutions

Heathpak, one of the leading producers of solid board packaging solutions in the UK has been acquired by Solidus Solutions. The acquisition by Solidus Solutions signifies a strategic investment to further integrate its operations and broaden its product portfolio. It is the Netherlands headquartered company’s first UK acquisition since its €330 million takeover by Centerbridge in 2019.

Heathpak processes an average production volume of 16,000 tons per year and brings significant printing and finishing capabilities into the UK operations of Solidus. The Laminating capabilities together with the recently installed Offset Printer will give Solidus Solutions the ability to serve new market sectors as well as develop products offered to existing customer.

This strategic acquisition enables Solidus Solutions, as a leading European sustainable fiber-based packaging provider for food & beverage, consumer goods and industrial applications, to take another important step in the further vertical integration within the group. Solidus Solutions will further optimise its service to customers, offer a broader product portfolio and strengthen its European growth and leading position in the solid board industry in Europe.

Heathpak is being sold by current owners, Alan Heath and Lyndon Whitlock. Lyndon will join the Solidus Solutions group and will continue to lead the Heathpak business.

Gambit Corporate Finance acted as lead advisor to the shareholders of Heathpak on negotiating and structuring the transaction. The Gambit team was led by Frank Holmes (Partner), Sam Forman (Associate Director) and Oliver Jarman (Analyst).

Sam Forman commented “Everyone at Heathpak should be commended for the business they have built over the past 22 years. Heathpak is a real market leader with the products and solutions it provides to its valued customer base. This is a landmark deal in the sector with the business being renowned across the UK and Europe for its technical and production capabilities and strength of supplier and customer relationships. The acquisition by Solidus will enable it to leverage the benefits of an even bigger team to further accelerate growth and continue to deliver real competitive advantage.”

Frank Holmes added “This is a great example of an owner managed business that has been able to punch well above its weight and on an international basis. Such businesses continue to attract attention from UK and global acquirers. The M&A market remains active and Covid-resilient businesses still benefiting from robust valuations. It is encouraging to start 2021 with a high profile cross-border transaction, and on the back of recently being named by Experian as the most active corporate finance adviser in Wales in 2020.”

Acuity Law advised Heathpak and its team comprised Paul Lowe, Tom Saunderson and Chiara Howfield.

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