Dubai-based utility company, Visionscape Group has acquired UK-based bin liner manufacturer, Gelpack of Hereford, after it went into administration in August.
Part of the production process at Gelpack
The acquisition was completed on 21 September and was overseen by Chris Pole and Mark Orton from KPMG, who oversaw the administration of Gelpack when they were appointed in August.
According to a statement by KPMG in August, Gelpack develops and produces films, bags, liners and sacks for a range of industrial sectors including waste management.
Mark Orton, partner at KPMG and joint administrator commented that Gelpack had recently “suffered difficult trading conditions that have led to an additional funding requirement, which has prompted them to enter into administration”.
Visionscape Group company provides turnkey solutions in areas of sanitation, energy and wastewater treatment and has a global workforce of over 29,000 employees, according to its website.
Turnkey waste management
In the announcement, the group said that the transaction was in line with Visionscape’s objective to increase revenue streams and expand into the European market “while supporting the Group’s strategy of being a global player in the provision of turnkey waste management and waste to energy solutions across emerging markets”.
“We are excited to welcome Gelpack to the Visionscape Group,” said Harry Ackerman, executive director at Visionscape.
“With over four decades of profitable business, Gelpack was a great strategic fit for us and value-added on all sides. We have made an excellent investment and Gelpack’s established reputation will enable Visionscape to provide a more comprehensive range of services and solutions to the millions in the markets we operate.”
Ian Harris, Gelpack Operations Director, added: “This is exciting news for us and after a successful run for over 40 years, we are committed to continuing to grow the business and carry on the legacy under new leadership and direction. We look forward to the new chapter as we benefit from the new sources of capital through Visionscape’s geographical reach.”
Earlier this year, Gelpack said that as a “Leading manufacturer of refuse and recycling sacks and high performance flexible packaging”, it had joined the Cleaning and Hygiene Suppliers Association’s (CHSA) Plastic Refuse Sacks Accreditation Scheme.
Gelpack
According to its website, Gelpack Excelsior Limited was created in 1988 through the merger of Excelsior Plastics and Gelpack Industrial and following acquisitions in the nineties, Gelpack Industrial was formed in 2000.
After the acquisition of Gelplas in 2004, Gelpack became one of the largest privately owned polyethylene flexible packaging manufacturers in the UK with an “annual capacity exceeding 30,000 tonnes”.
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Visionscape Group
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Source: letsrecycle.com Packaging
