Field Packaging

Activity
Carton packaging
Acquired
May 1991
Realised
Jul 1993
Sector
Industrials

Business
Field Packaging manufactured printed carton packaging in the UK and Belgium. The UK market leader in the manufacture of printed cartons, it specialised in the use of computer aided design. This enabled it to produce sophisticated products for which it was able to achieve premium prices from a number of major retail companies and brands.

Strategy
Investment in modern equipment would enable Field Packaging to achieve greater versatility in its production and so assist in growing its business. Its use of waste-based raw materials, which were also cheaper to acquire and more stable in their pricing, were driving growth, demand for sophisticated packaging was set to expand and it expected increased sales throughout its markets in continental Europe. There was also scope for selling a non-core production facility in the event that appropriate buyers were found. This would help finances without sacrificing growth opportunities.

Outcome
The company traded well following the buyout, substantially increasing sales. It also disposed of one of its plants, enabling it to repay virtually all of its debt. The business was floated on the London Stock Exchange in July 1993, providing the business with scope to raise additional funding to support its continued expansion.

Multiple returned on investment: 3x