Zeus acquires Austrian food packaging company in € 40 million strategy

The acquisition expands and strengthens Zeus’ geographic presence in 12 countries in Western, Central and Eastern Europe.

In 2020, Petruzalek, which was part of the Sirap-Gema group, achieved sales of around € 58m, net assets of € 16m and EBITDA of € 2.5m.

The acquisition, for an undisclosed amount of the Italian investment holding company, Italmobiliare, complements a three-year acquisition strategy of 40 million euros for Zeus. It is the seventh company to be integrated into the Zeus family in the past 18 months.

Created by Brian O’Sullivan in 1998, this acquisition brings the number of Zeus employees from 450 people in 14 countries to 670 people in 26 countries. The group’s turnover has increased sharply over the past three years, reaching € 208m in 2020 and is expected to reach € 280m in 2021.

Zeus CEO Keith Ockenden said: “This latest acquisition is the most significant of our strategic expansion and, together with recent investments in our operational leadership infrastructure, is an integral part of Zeus’ long-term growth strategy. The purchase of Petruzalek significantly expands our reach into new markets, brings further diversification to our product line and further enhances our customer network.

“Petruzalek’s product line uses renewable, recyclable and compostable materials with low environmental impact, which allows us to deepen our focus on sustainability in 2021. As always, we are committed to delivering innovative sustainable packaging solutions. to our valued customers in Ireland, UK and across Europe. . This move enables a true European sourcing solution for customers looking to consolidate their supply chains and maximize profitability. “

Zeus founder Brian O’Sullivan said: “In 2020, despite the pandemic, Zeus has reached a milestone with revenues exceeding 200 million euros. With today’s announcement, Zeus remains on track to become the largest independent packaging distribution company in Europe. The acquisition of Petruzalek not only strengthens our scale, but also strengthens our operational platform across Europe. “

Sean O’Keefe, Ulster Bank, assisted Zeus in the purchase of Petruzalek with financing, tax and legal advice and financial due diligence; Evershed Sutherland; Deloitte Ireland; bpv Hügel; McMahon O’Brien Tynan; Gattai, Minoli, Agostinelli & Partners, Milan; & EY, Vienna and Milan

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