3C!Packaging mainly serves customers in the pharmaceuticals and healthcare sectors
Essential components and solutions provider Essentra has agreed to acquire US-based 3C!Packaging for around $65m.
Under the sale and purchase agreement, Essentra will purchase the complete issued share capital of 3C!Packaging from each of Joseph Elphick, the Joseph Gerard Elphick Revocable Trust and the Joseph G Elphick Legal Trust on a cash free and debt free basis.
Based in North Carolina, 3C!Packaging is involved in the designing and manufacturing of custom folding cartons, printed literature, foil and flexible packaging and labels primarily for the pharmaceuticals and healthcare sectors.
The acquisition of 3C!Packaging will allow Essentra to expand its presence in the pharmaceutical packaging sector.
It will also allow Essentra to create North Carolina as its hub with three sites in the major manufacturing area of the US.
With an advanced design centre, the company employs around 280 multiskilled and cross-trained people.
3C!Packaging, which has significant experience in speciality packaging, provides additional value-added services such as serialisation technology.
Upon completion of the deal, Essentra will include 3C! in its packaging division.
Essentra plans to gather up to £100m to fund the acquisition of 3C! Packaging
Essentra also announced a proposed fundraise to gather up to £100m to fund the acquisition of 3C! Packaging and strengthen its balance sheet.
Essentra CEO Paul Forman said: “3C!is a strong fit for Essentrawith excellent growth prospects. The business further strengthens our position in pharmaceutical and healthcare packaging in core product areas we know well, in addition to bringing valuable new innovation to Essentrawith its serialisation technology.
“The acquisition of 3C!follows the successful integration of Nekicesa which has performed strongly in the first year of Essentraownership.”
In September 2019, Essentra announced the acquisition of the share capital of Spanish packaging company Nekicesa Packaging from GED Iberian B and EBN Vaccaria.