Zeus Acquires Austrian Food Packaging Company For €40 Million

Irish-claimed Zeus Packaging, the main free bundling maker and merchant, has today reported the procurement of Austrian-based food bundling arrangements business, Petruzalek, which was essential for Sirap-Gema Group. The present obtaining further extends and fortifies Zeus' geographic presence across 12 nations in Western, Central and Eastern Europe. In 2020, Petruzalek accomplished incomes of around €58 million, net resources of €16 million and EBITDA of €2.5 million. The obtaining, for an undisclosed total from Italian venture holding organization, Italmobiliare, finishes a three-year €40 million securing methodology for Zeus. It is the seventh business to be incorporated into the Zeus family during the previous year and a half. Set up by Brian O'Sullivan in 1998, this obtaining brings the number utilized by Zeus from 450 individuals across 14 nations to 670 individuals across 26 nations. The gathering's turnover has developed generously in the course of recent years, coming to €208m in 2020 and expected to reach €280m for 2021. Remarking on this most recent securing, Zeus CEO Keith Ockenden said: 'This most recent obtaining is the biggest in our essential development, and alongside ongoing interests in our initiative operational foundation, is a basic piece of Zeus' drawn out development system. The acquisition of Petruzalek altogether broadens our venture into new business sectors, carries corresponding expansion to our item range and further upgrades our customer organization. "Petruzalek's item range uses low natural effect inexhaustible, recyclable and compostable materials empowering us to additionally develop our attention on maintainability in 2021. As usual, we are focused on conveying inventive feasible bundling answers for our esteemed customers in Ireland, the UK and across Europe. This move empowers a genuine European stock answer for clients hoping to combine supply chains and augment cost efficiencies." Zeus Founder Brian O'Sullivan said: "In 2020, in spite of the pandemic, Zeus arrived at an achievement with incomes surpassing €200 million. With the present declaration, Zeus stays on target to turn into the biggest free bundling circulation business in Europe. The securing of Petruzalek further expands on our scale, however reinforces our working stage across Europe." Helping Zeus in the acquisition of Petruzalek with subsidizing, charge and legitimate guidance, and monetary due steadiness were Sean O'Keefe, Ulster Bank; Eversheds Sutherland; Deloitte Ireland; bpv Hügel; McMahon O'Brien Tynan; Gattai, Minoli, Agostinelli and Partners, Milan; and EY, Vienna and Milan.