GCP, a provider of blended equity and debt to the UK’s small and medium businesses, has backed the management buy-out of Excelsior Technologies.
The undisclosed deal led by Garrett Curran from GCP, marks the exit of North American shareholders from the Deeside-based packaging manufacturing company.
Run by managing director David Moorcroft, Excelsior designs and manufactures flexible packaging for clients across the globe, including Birds Eye, Haribo and SC Johnson.
Having posted sales of £38m in 2010, the packaging manufacturer, which has previously won two Queen’s Awards for Export, is expected to increase its turnover to £44m.
Garrett Curran who led the deal for GCP and who also joins the board, is pleased to support the UK-based company: “In Excelsior we are backing an excellent management team led by David Moorcroft and are supporting the UK manufacturing industry.
“The UK is seeing a resurgence in the niche manufacturing sector as overseas companies recognise the ability of UK manufacturers to be flexible and devise real and innovative solutions to customers’ needs – Excelsior is one such manufacturer.”
David Moorcroft, managing director of Excelsior is confident that the deal will support the growth of his company: “GCP had a compelling offer and we were impressed with their track record of working in partnership with management teams to grow companies both organically and through acquisition.
“They have already identified a target company and we look forward to working in partnership with them to fast track the growth of our business.”