Lincolnshire-based paper sack maker DS Smith Sacks has been acquired in a management buy-out deal, securing 83 jobs.
The deal was arranged by Queensgate Management, and involved DS Smith Sacks, a division of DS Smith, being bought by its managing director and finance director. The business’s name has been changed to Forum Packaging.
Jeremy Wetherall of Queensgate Management commented, “This is a great acquisition for everyone involved.”
“The business is profitable but it wasn’t part of DS Smith’s core strategic vision and with new investment, Forum Packaging will be able to move forward with confidence.”
Mark Spivey, managing director at Forum Packaging, is looking ahead to realise plans for expansion. “We’ll be looking at other acquisitions too and aiming to grow into other market sectors where we can”, he said.
“We’re very happy with the existing team and we’ve got a lot of experience here to drive the business forward; the people within the business were one of the main reasons why we bought it.”
The newly named business manufactures paper sacks and bags for the food, animal feed, cement and chemical industries. It is understood that £500,000 has already been put in for a new roof for the factory.
