Zeus Packaging has acquired Petruzalek, an Austrian food packaging business, for an undisclosed sum. The deal completes a suite of acquisitions by Zeus over the last three years that involved an outlay of €40m.
Founded by former teacher Brian O’Sullivan (pictured) in Dublin in 1998, Zeus packaging currently employs 670 people across 26 countries. The business supplies packaging, retail and cleaning products and services.
Zeus acquired Petruzalek, which was part of Sirap-Gema Group, from Italian investment holding company Italmobiliare. The deal extends Zeus’s geographic presence across 12 countries in Europe. In 2020, Petruzalek achieved revenues of c.€58m and had net assets of €16m. EBITDA was €2.5m.
Petruzalek is the seventh business to be integrated into Zeus during the past 18 months. In 2019, Zeus acquired Dublin-based Essential Supplies and Aldar Tissues.
Zeus’s recent UK acquisitions included 220-year old Liverpool-based distribution business Smith & Bateson, Lincolnshire-based food packaging business Van Der Windt and Saffron Waldon-based Vaiopak Group. In January 2020, Zeus also completed the acquisition of Plasti-Cart operating across the Canary Islands.
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Zeus Packaging Group Limited recorded turnover of €186m in 2019 and booked a net profit of €4m, according to its latest CRO filings. Net worth at end 2019 was c.€30m. The company said that its revenue for 2020 hit €208m and is expected to rise to €280m in 2021.
Keith Ockenden took up the role of Zeus Group CEO in 2020 after a year as group managing director. “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,” he said.
“Petruzalek’s product range utilises low environmental impact renewable, recyclable and compostable materials, enabling us to further deepen our focus on sustainability in 2021.”
Zeus founder and owner Brian O’Sullivan added that the acquisition helps his business remain on track to become the largest independent packaging distribution business in Europe.
Sirap Group is a producer of fresh food containers and was founded in 1960. It was wholly owned by Italmobiliare until manufacturing assets in Italy, Poland and Spain were sold to the Danish company Faerch Group in November 2020.
Petruzalek was established in 1961 and specialises in the distribution of food packaging materials and machinery solutions, with 18 distribution centres across Germany, Austria and Central Eastern Europe.
Assisting Zeus in the acquisition of Petruzalek with funding, tax and legal advice, and financial due diligence were Sean O’Keefe, Ulster Bank; Eversheds Sutherland; Deloitte Ireland; bpv Hügel; McMahon O’Brien Tynan; Gattai, Minoli, Agostinelli & Partners, Milan; & EY, Vienna and Milan.
