RPC to take Danish rival for £204m
RPC Group, based in Northamptonshire, has announced its intention to acquire Superfos Industries for €240m (£204m). RPC, which supplies rigid plastic packaging, has bought the Denmark-based company on a debt-free, cash-free basis.
Superfos is a manufacturer of injection moulded rigid plastic packaging. The company, headquartered in Taastrup, Denmark, employs more than 1,300 people at nine production facilities across the Nordic region, France, Poland, Spain, Belgium and the UK.
RPC said that it proposes to fund the acquisition through the rights issue and debt, principally through a new €130m term loan facility. The rights issue at a price of 143 pence per share will raise gross proceeds of £88.8m and approximately £85.3m net of expenses.
Rushden, Northamptonshire-headquartered RPC said that the purchase will “strengthen RPC's capabilities and competitiveness in the open top filled injection moulded plastic packaging market”.
Jamie Pike, chairman of RPC said: "We are delighted to announce the proposed acquisition of Superfos, a leading European player in the injection moulded rigid plastic packaging market. This is a significant acquisition for RPC Group which is consistent with our strategy of growing the business organically and through acquisition.
"This acquisition is an excellent strategic and geographic fit and the board of RPC Group believes that the transaction will generate significant value for RPC Shareholders."
The deal is expected to close in early February 2011, pending, amongst other things, approval of the RPC shareholders.
