DENMARK – In an effort to expand its footprint in Europe, Denmark-based packaging group has acquired the Sirap food packaging business in Italy, Poland and Spain from Italmobiliare.
With Sirap under its wings, Faerch will now be able to grow its geographic presence and provide local customers with direct access to its packaging solutions which include recyclable food grade trays.
Faerch says the deal accelerates its circularity agenda and the implementation of its sustainability strategy across Europe.
Founded in 1960, Sirap Group is a specialist packaging company involved in the production and sale of foam and rigid containers for fresh food.
Under the terms of the agreement, Faerch will acquire three production sites in Italy, Poland and Spain, with nearly 1,000 employees.
The deal however, does not include the Sirap businesses in the UK, Germany and France, as well as the Austrian-based trading business Petruzalek, which will remain under the control of Italmobiliare.
Following the transaction, Faerch will have businesses in Denmark, the UK, France, Spain, Germany, Czech Republic and the Netherlands, as well as in the acquired locations in Italy and Poland.
“We have been analysing the Italian market thoroughly over the last few years and are convinced that Sirap’s food packaging business represents a perfect fit for Faerch,” said Lars Gade Hansen, CEO of Faerch Group.
Hansen further noted that Sirap’s Polish business perfectly complements Faerch’s activities in Central Europe and allows the company to even better serve our customers in Poland and adjacent countries locally from the modern Inline site.
“The Spanish business strengthens our already strong local presence and opens new opportunities for growth,” Hansen added.
The deal, subject to customary closing conditions and regulatory approval, is expected to be completed within three months.
Faerch is a leading European supplier of trays for the global food industry and the world’s first integrated tray recycler.
The company is majority owned by the international private equity firm Advent International, which acquired it in 2017.
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