Proseal to be acquired by US corporation in
£220m deal
Proseal - a leading provider of tray Hargreaves - will remain in place and the
sealing technology to the food industry Proseal brand will also be retained.
- is to be acquired by Chicago-based JBT
Corporation.
Commenting on the deal, Steve Malone
stated: “We are delighted to announce
JBT, which is listed on the New York that Proseal is to become part of JBT, Stock Exchange, has signed a definitive which will significantly enhance our global agreement to acquire the company for a presence. This deal will ensure Proseal’s purchase price of approximately £220m, continued growth and success through subject to regulatory approvals. The deal access to JBT’s global sales and service rapidly expanding market for convenience
will allow Proseal to further expand its network, enhancing our customer support foods,” said Carlos Fernandez, JBT’s
business by providing access to JBT’s overseas as well as growing our business Executive Vice President and President,
global sales and service network. Closing into new markets.” Liquid Foods.
“The acquisition of Proseal represents an The shareholders of Proseal were advised
important expansion of JBT’s capabilities, in a joint mandate by Philip Price, Gerard
adding significantly to our end-of-line Lucas and Callum Sellar of Dow Schofield
market position and advancing our Watts and Dave Wilson at Spinnaker
Established in 1998, Proseal now strategy of providing full-line customer Corporate Finance. Legal advisors to
employs 350 staff in Adlington, Cheshire, solutions,” stated Tom Giacomini, JBT’s Proseal were Addleshaw Goddard led
with additional facilities in Richmond, Chairman, President, and Chief Executive by Paul Medlicott, Joanne Cooper, Mark
Virginia and Melbourne, Australia, Officer. Guttridge and Farah Aslam.
is expected in the second quarter of 2019.
Dow Schofield Watts Corporate Finance
and Spinnaker Corporate Finance advised
on the deal.
and supplies high-quality tray-sealing
machines to markets worldwide.
Under the terms of the deal, the
management team which is led by the
founders - Steve Malone and Robert
“Moreover, we believe Proseal’s
technology affords growth opportunities
Proseal
around the globe.”
“Tray sealing is relevant to many of our
www.proseal.com
FoodTech customers, particularly in the
FDPP - www.fdpp.co.uk 35