Sheffield-based Global Plastics Solutions has acquired the Cornish business Orchid Plastics.
Sheffield-based Global Plastics Solutions has acquired the Cornish business Orchid Plastics.
The asset based lender Venture Finance provided £700,000 to enable Global Plastic Solutions’ MD, Paul Fairhurst, to complete the management buy-in (MBI). The total consideration is undisclosed.
Fairhurst comments: ‘We were looking to buy into an established company and use its knowledge and reputation to start marketing our new design of ocean buoys. Orchid Plastics provided a great opportunity for us as it has grown from a small start-up to an internationally recognised and respected manufacturer of quality products.’
Orchid Plastics specialises in rotational moulding and its products include buoys and flood defences. Global Plastics plans to expand the business, which will continue to trade under its original name, into the pollution control and medical sectors. Venture Finance provided a funding package incorporating invoice discounting and asset-based lending against plant and machinery, as well as funding via the government’s Enterprise Finance Guarantee scheme.
