Zeus, a global packaging solutions company founded by Fermoy man Brian O’Sullivan, has announced the acquisition of Limerick Packaging, a leading supplier to the Irish industrial and transit packaging market.
The acquisition, announced last week, marks an ongoing investment strategy by Zeus to expand its capabilities in the corrugated packaging sector across Ireland.
According to Mr O’Sullivan, he is ‘delighted’ to be working with the Limerick company.
“I am delighted to be working with this strong, Munster business, as we plan for shared growth in the future. Limerick Packaging’s commitment to innovation, operational excellence and their customers matches our own.
“This acquisition will allow us to expand our industrial and transit packaging capabilities as well as increasing our total storage and distribution capacity in Ireland,” Mr O’Sullivan said.
Zeus intends to comprehensively invest in its industrial and transit packaging offering, strengthening its current infrastructure through the acquisition of Limerick Packaging.
To capitalise on the growth in this market in Ireland, Zeus will invest in staff, design, and technical capabilities along with expanding the range of products and services available.
Founded in 2002 by Connie Ryan and Mike Boland, Limerick Packaging has an annual turnover of €17.4 million. The business has strategically focused on providing corrugated packaging solutions to the health and food processing sectors.
Established by Brian O’Sullivan in 1998, Zeus has an annualised turnover of €325 million and employs 670 people worldwide. The addition of Limerick Packaging’s 45 staff will bring Zeus’s personnel in Ireland to 221.
Earlier this year, Zeus completed a €40 million, two-year programme of strategic acquisitions with the purchase of Austrian firm Petruzalek, expanding the group’s distribution and logistics capabilities in food and industrial packaging across 26 countries worldwide.
“Zeus is a company that we have admired since we first started our business almost 20 years ago and we are excited with the opportunity to become part of the Zeus family. Our team are specialists in their field and are looking forward to sharing their insights and experience with the Zeus team,” Connie Ryan, Managing Director of Limerick Packaging said.
“We are all incredibly excited for the new opportunities and capabilities that being part of this global company will offer, ultimately to the benefit of our valued customers,” Mr Ryan said.
Assisting Zeus in the purchase of Limerick Packaging with funding, tax and legal advice, and financial due diligence were Sean O’Keeffe, Ulster Bank and OFX Solicitors in Cork.
The sale is subject to the approval of the Competition and Consumer Protection Commission.