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RSM advises on disposal to AIM-listed business

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RSM’s M&A and Private Equity team has advised on the disposal of flexible packaging specialist Synpac to AIM-listed company, Plastics Capital plc.

Based in Hessle, Yorkshire, Synpac will be an autonomous trading company within the Plastic Capital Group following the acquisition.

The RSM team, led by corporate finance partner Steve Hubbard with support from Martin Athey and James Atkinson, acted for the shareholders of Synpac on the transaction. Clarion’s Richard Moran, Rachel Dean and Rachel Stockley acted as legal advisors to the shareholders.  Doug Land, Nicola Curry and Teresa Wilcocks acted as legal advisors to Plastics Capital plc.

Synpac is a converter of high barrier film into flexible packaging products which are primarily used to extend the shelf life of food. The deal brings together two complementary businesses that will further enhance the offering of the Group through additional services and sector expertise, and increase market share across the UK.

Steve Hubbard, corporate finance partner at RSM, said: “Synpac is in a unique position in the UK market, as it is the only converter with critical mass. The business has a strong ethos of customer service and its products will integrate well into those of the Group.”

Faisal Rahmatallah, chairman at Plastics Capital plc, said: “We are very pleased to announce the acquisition of Synpac Limited. Synpac is a business that meets our acquisition criteria – specialty products, high recurring revenues with loyal customers, limited competition and healthy financial performance.

“It is complementary to our other Films Division businesses and this should enable us to achieve significant synergies in due course through cross selling, operational efficiencies and cost savings.”

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