Coral Products Agrees Double Sale for £7.9 Million
2021-01-06    [Source:PUdaily]

Tamworth-based One51 ES Plastics has agreed to acquire two businesses from Coral Products for £7.9 million. The acquisition of Coral Products (Mouldings) (CPL) and Interpack is expected to be completed in February 2021, with a back-stop date of the end of April 2021.

One51 ES Plastics is a UK subsidiary of Canada-headquartered IPL Plastics Group and the acquisitions will see IPL further expand its presence as a supplier of bins and boxes to the UK’s waste and recycling market.

According to IPL, it currently works with 90 per cent of UK local authorities. IPL was acquired by Chicago-based private equity firm Madison Dearborn Partners in October last year. In the UK, its other subsidiaries include MGB Plastics and Straight.

Coral Products (Mouldings) is a manufacturer and distributor specialising in plastic moulding products across a range of sectors. The company’s 100,000 sq ft site in Haydock has over 50 dedicated machines to supply its diverse range of customers.

Following the acquisition by One 51 ES Plastics, the company will retain the freehold of the Haydock site, with One51 ES Plastics paying £300,000 rent per annum.

Interpack, meanwhile, is a supplier of food packaging, largely distributing to independent food manufacturers and packagers.

Upon completion of the deal, Coral Products CEO Michael Wood will resign from the company’s board to join One51 ES Plastics. Coral Products’ current Non-Executive Chairman Joe Grimmond will become the company’s Executive Chairman.

In a statement, Coral Products said that the disposal presented an opportunity to "crystallise an attractive return on invested capital with respect to the sale companies, reduce net debt and also to provide additional financial flexibility to further develop and support the recent progress of the continuing group".

In its most recent financial report, for the year ended April 30 2019, Coral Products (Mouldings) reported a loss of £488,760 on revenue of £11.1 million, up from a loss of £1 million on revenue of £9.7 million a year earlier. At the time, its fixed assets were valued at £5.6 million and current assets at £4.2 million.

In Interpack’s most recent financial statements, covering the same period, the company reported profit for the year of £787,206 on revenue of £7.4 million, up from profit of £556,152 on revenue of £6.7 million a year earlier. The company’s net assets were valued at £1.7 million.

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