Alan Goodall and two of his fellow directors are now the majority shareholders in Mondi Speciality Packaging following an £18 million deal.
Goodall, who joined Mondi more than 20 years ago, is back in control of the business he was the majority shareholder of in the 1990s. He was joined in the deal by sales director Chris Marple and finance director Chris Munroe.
The buy-out team’s investment was backed by GE Commercial Finance, which was complemented by £8 million provided by Modus Private Equity, its first investment since it was established nine months ago. GE provided invoice discounting, funding backed against the company’s plant and machinery as well as a cash-low loan.
Modus has taken a significant minority shareholding in the business, according to co-founder Paul Newton. He adds that the firm has taken a seat on the acquired company’s board and appointed a non-executive director.
Mondi Speciality Packaging, which was sold by Anglo American, has been re-named Inspirepac following the completion of the deal.
Goodall’s team was advised by law firm George Davies with financial services provided by Chadwick. Modus was assisted on its investment by Eversheds.