Irish independent packaging manufacturer and distributor Zeus Packaging has strengthened its portfolio with the acquisition of food packaging solutions provider Petruzalek.

Based in Austria, Petruzalek was part of Sirap-Gema Group. Italian investment holding company Italmobiliare acquired the business.

Financial details of the transaction remain undisclosed.

With this acquisition, Zeus completes a three-year €40m acquisition strategy and expands its geographic presence across 12 countries in Western, Central and Eastern Europe.

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.

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“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 is the seventh acquisition for Zeus during the past 18 months. It will increase the company’s employees from 450 people across 14 countries to 670 people across 26 countries.

Zeus founder Brian O’Sullivan said: “In 2020, despite the pandemic, Zeus reached a milestone with revenues exceeding €200m. The acquisition of Petruzalek not only further builds on our scale, but strengthens our operating platform across Europe.”