Independent private equity fund manager Phoenix Equity Partners has acquired Jaycare, manufacturer of rigid plastic packaging, devices and technical components to the pharmaceutical and consumer healthcare markets.
The purchase price of the institutional buyout from 3i has not been disclosed. Jaycare was formed in the late 70s from Johnsen and Jorgensen Plastics, and remained independent until its purchase by Waddington in 1990.
In 1999 Waddington was bought by Mansfield plc, which sold Jaycare in 2000 to a 3i-backed MBO team. Head-quartered in Newcastle-upon-Tyne, Jaycare employs nearly 200 staff.
Phoenix, whose most significant acquisitions to date have been in the financial services, leisure and retail, media, consumer and healthcare and transport sectors, says Jaycare has an established franchise in its core markets, “with the opportunity to build on this position by gaining market share, extending its product range and expanding into new markets”.
Jaycare’s management team, led by Lyndon Wild, Nick Nolan and David Young, will be strengthened by the addition of Pat Barrett – formerly chairman of Jefferson Smurfit’s European businesses – as chairman, and Nigel Tipple – current CEO of plastic packaging business VR Scott – as chief executive.