Irish-owned Zeus Packaging, the independent manufacturer and distributor, has acquired Austrian-based food packaging business, Petruzalek, which was part of Sirap-Gema Group.
Today’s acquisition further expands and strengthens Zeus’s geographic presence across 12 countries in Western, Central and Eastern Europe.
In 2020, Petruzalek achieved revenues of about €58m, net assets of €16m and EBITDA of €2.5m. The acquisition, for an undisclosed sum from Italian investment holding company Italmobiliare, completes a three-year €40m acquisition strategy for Zeus.
It is the seventh business to be integrated into the group during the past 18 months.
EXPANSION
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 €208m in 2020 and expected to reach €280m for 2021.
Zeus CEO Keith Ockenden said: ‘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.
“Petruzalek’s product range utilises low environmental impact renewable, recyclable and compostable materials, enabling us to further deepen our focus on sustainability in 2021.
“As always, we are committed to delivering innovative sustainable packaging solutions for our valued clients in Ireland, the UK and across Europe. This move enables a true European supply solution for customers looking to consolidate supply chains and maximise cost efficiencies.”
Zeus founder Brian O’Sullivan added: “In 2020, despite the pandemic, Zeus reached a milestone with revenues exceeding €200m. With today’s announcement, Zeus remains on track to become the largest independent packaging distribution business in Europe.”
