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SteriPack buyout is backed by UK private equity firm Inflexion

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SteriPack, the Co Westmeath-based maker of products for the medical and pharmaceutical market, has been acquired from its US owner in a deal backed and led by a London-based private equity fund.

It’s the second time in six years that SteriPack has been sold.

UK firm Inflexion said it has led the buyout of SteriPack using a £2.5bn buyout fund that it closed earlier this year.

It said it will also support SteriPack in making possible future acquisitions.

Founded by Garrett ‘Garry’ Moore and other backers in 1994, SteriPack is a global contract manufacturer making products for the medical device, pharmaceutical and diagnostic markets. It has more than 100 clients.

It designs, develops and manufactures the products and employs more than 650 people at locations in Ireland, Poland, Malaysia and the United States. The bulk of its staff – about 400 – are employed in Poland.

In 2016, a majority stake in the business was sold to US firm Bemis, with the deal reckoned to have been worth more than €70m at the time.

In the 12 months to the end of September 2020, the company behind SteriPack posted revenues of €48.7m and a €5.5m operating profit. It made a pre-tax profit of €490,000 that financial year.

That compared to revenue of €39.3m the previous financial year and an operating loss of €4.4m.

In the 2019 financial year, it incurred €5.9m in exceptional costs. They included a €4.4m impairment of investments.

SteriPack has continued to make acquisitions. It bought New Jersey-based HS Design and Colorado-based Halleck-Willard last year.

At the end of the 2020 financial year, the firm behind SteriPack had bank loans totalling €23m.

Flor Kassai, a partner at Inflexion and head of its buyout fund, described SteriPack as an “extremely successful niche market player” and that the UK firm’s investment and experience will help SteriPack’s management to accelerate growth around the world.

“Inflexion’s presence in our core markets of Europe, Asia and the US as well as its extensive M&A experience make it the ideal partner to support our future international growth,” said SteriPack chief executive Andrew McLean.

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Inflexion typically invests between £10m and £400m of equity into each deal it completes. Funds advised by Inflexion Private Equity Partners manage about £7.1bn of assets.


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