Investec Growth and Leveraged Finance (“Investec”) has supported Hanmere Polythene Ltd (“Hanmere”) in its acquisition of Plasmech Packaging Ltd (“Plasmech”) with £4m follow on funding.
Hanmere – which was acquired by Chiltern Capital in 2017 is a manufacturer of 100% recyclable polythene packaging products for high risk food contact, used mainly by wholesale food manufacturers.
Plasmech, which operates from its headquarters in Hitchin, less than five miles from Hanmere, manufactures polythene bags and extrudes polythene film. Products include bags, liners, sacks, sheets and tubing. The business has a strong product fit with Hanmere, bringing additional technical capability to the group’s client base on a combined basis.
Investec’s Paul Rablen commented: “We have developed a strong partnership with Hanmere since we backed the buyout by Chiltern Capital and have been closely involved with the business ever since, providing it with further asset based and cashflow lending in 2019 to repay vendor loan notes and fund expansion projects. This deal is a great example of Investec’s willingness to support our clients with their ambitious growth objectives over time, even against a challenging economic backdrop.”
David Lennon, chairman of Hanmere, said: "We are very pleased to have completed the acquisition of Plasmech, as we continue to build out one of the UK’s most highly regarded manufacturers of recyclable polythene packaging products."
David Butler, investment manager at Chiltern, commented: "We are delighted to support the team at Hanmere in its acquisition of Plasmech and look forward to working together to realise the full potential of the enlarged group while we seek further acquisition opportunities."
For further information please contact:
Luke O’Mahony, Public Relations
020 7597 5261
Investec partners with private, institutional and corporate clients to offer international banking, investments and wealth management services in two principal markets: South Africa and the UK, as well as certain other countries. The group was established in 1974 and currently has approximately 8,300 employees. In 2002, Investec implemented a dual listed company structure with listings on the London and Johannesburg Stock Exchanges. In March 2020, the Asset Management business was demerged and separately listed as Ninety One.
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