Bemis Company Inc, based in Wisconsin, has acquired the medical device packaging operations and related value-added services of SteriPack Group, an enterprise founded by Garry Moore and others in Clara, Co Offaly in 1995.
The acquisition includes the Offaly factory as well as packaging production assets in Malaysia and Florida. SteriPack's substantial contract manufacturing business in Poland is not included in the sale.
The cash purchase price is $115.5 million, with Bemis paying $69 million in goodwill.
According to Bemis, the SteriPack activities being purchased had turnover of €57m in the year to September 2015.
Bemis CEO William F. Austen said: “SteriPack’s strong customer relationships and modern clean room operations will complement our new and expanding global healthcare operations and will increase our capacity to meet the needs of the growing healthcare industry.”
In Association with
Mason Hayes Curran is acting as legal advisor and Russell Brennan Keane and Deloitte are acting as tax advisors to SteriPack. Bemis was advised by XMS Capital Partners, a boutique investment bank with offices in Chicago, London and Dublin.
Founded in 1994, SteriPack’s principal shareholders are c0-founder and chief executive, Garry Moore (pictured), who owned 73% of Steripack Holdings Ltd, which has a 94% stake in the Ordinary Share capital of Steripack Ltd. On that basis, Garry Moore will gross $78.9m from the proceeds of the sale. The other shareholders in Steripack Holdings are Garry's brother Barry Moore (15.9%) and co-founder Aidan O'Brien (11.1%). Their gross from the transaction is estimated at $17.2m and $12.0m respectively.
Bemis had $4.5 billion sales last year. It employs more than 17,000 people and supplies packaging to food, healthcare and consumer products manufacturers around the world.
