Baker Tilly’s Corporate Finance team in Leeds has advised specialist food contract packing business IPS Contracting LLP on the sale of its business to Culina Group Limited for an undisclosed sum.
IPS provides co-packing and co-manufacturing solutions to some of the UK’s best-known food brands.
In addition to offering packaging development, engineering and CAD design solutions to customers, its core business includes flow-wrapping, filling, bagging, cartoning and merchandising units.
Culina is a market-leading provider of shared-user logistics services for food and drink companies, and the acquisition extends its existing comprehensive network.
As a result of the deal, the IPS operations at Featherstone and York, which employ nearly 500 people, will now become fully part of Culina’s network.
Steve Hubbard of Baker Tilly led the corporate finance team that advised the vendors while Partner Tim Parr provided tax advice on the transaction.
Steve Hubbard of Baker Tilly Corporate Finance in Leeds said:
“Our Leeds office has advised IPS for a number of years, including the set up of their LLP structure which was a big advantage on sale.
“We are delighted that we were able to support our client on this transaction and help Culina take the next important step in its plan for growth.”
Thomas van Mourik, chief executive officer of Culina Group Limited, said:
“We are acquiring some excellent contracts, facilities and people. This significantly expands our contract packing operation and will enable us to drive through synergies and efficiencies that will benefit all our existing customers and allow us to offer an even better service.
“Culina and IPS have previously developed strong links through their joint venture, based at a number of Culina sites.
“The primary aim is to ensure that all current and prospective customers continue to benefit from market-leading levels of service.
“This announcement is also further evidence of our commitment to double the size of the business in the next five years.”