The management buy-out (MBO) was backed by Close Brothers Growth Capital, a combined equity and debt finance provider.

The buy-out team, led by managing director Adrian Brown, retains a majority equity stake following the deal. Brown, who began his career at soft drinks giant Britvic, has helped to grow the turnover from £5 million to £27 million since joining the business in 1999.

Simon Jobson, investment executive at Close, says: ‘Wrap developed a suite of patented dispensing products, which enabled them to grow substantially in the food service market where they now have a dominant share.

‘A retail version called the “Benedetti” has had significant success in the cash and carry market and more recently the retail sector.’

Jobson adds that the Benedetti Dispenser is now stocked in supermarkets Tesco, Sainsbury’s and Morrisons.

Scotland-based serial entrepreneur Giovanni Benedetti, who acquired Wrap in 1995, will remain involved with the business as a director and shareholder.

Wrap is based in Telford and employs 150 people.