UK-based plastic product designer and manufacturer Coral Products has acquired Alma Products, a company that specialises in extrusion, thermoforming and container printing.
As part of the deal, Coral Products acquired all of Alma’s issued share capital for a net consideration of £1.5m ($1.8m), which will be paid in cash.
Based in Runcorn, England, Alma is owned and controlled by Hildegard Bobb-Kessler.
Following the acquisition, Coral Products will retain Alma’s existing team.
Coral Products executive chairman Joe Grimmond said: “This acquisition further reinforces our focus on niche, specialist operators in the plastics sector.
“Alma operating from its freehold Runcorn premise is very well invested in state-of-the-art sheet extrusion, volume vacuum forming and one of the most advanced computer-controlled printing facilities in the industry.
“Alma with its BRC grade and ISO 9000 quality certifications can operate across a wide range of sectors, including food packaging and personal care as examples.
“This acquisition broadens our Group’s product and manufacturing offering and greatly expands our available market opportunities. We expect this acquisition will be earnings enhancing in its first year.”
The acquisition of Alma is being funded from Coral Products’ existing resources.
For the 12 months to 31 December 2021, Alma expects to register £12.3m in sales and a profit before tax of £146,000. The company also anticipates an adjusted net asset value of £2m.
Coral Products develops and supplies plastic products for a range of sectors, including food packaging, personal care, household, healthcare, automotive, telecoms and rail.
The company has manufacturing facilities in Wythenshawe and a distribution facility in Hyde, Greater Manchester.
Earlier this month, Coral Products acquired Haydock-based business Film & Foil Solutions from two private individuals for £3m.
Film & Foil Solutions supplies flexible packaging films, print lamination films and speciality plastics, paper and aluminium foils.