Shropshire-based Bacofoil bought by German firm
The Shropshire-based business behind Bacofoil has been snapped up in a takeover by a German company.
Wrap Film Systems, which employs 300 people on the Hortonwood Industrial Estate in the north of Telford, has been taken over by Cofresco, which is based near Hanover in northern Germany, and which is part of the Melitta Group.
All employees are to be kept on following the deal, the company said, while the new parent company will take on Wrap Film's major brands, which include the well-known name in cooking foil and cling film.
Wrap Film chief executive Adrian Brown said: "Being part of a strong privately-owned international group like Melitta will provide Wrap Film with greater expertise and investment to help us generate further growth over the next few years."
The company was sold by private equity firm Growth Capital Partners, which eight years ago had supported a management buyout of the business.
In 2014, it achieved sales of around £51 million, and operating profit of £2.5 million, having experienced a drop in sales on the previous year.
Cofresco managing director Pieter van Halewijn added: "We see the acquisition as a key component for growth.
"We are already greatly looking forward to working together with the new team and warmly welcome Wrap Film to our portfolio of dynamic brands."
Cofresco is Europe's biggest producer of household films and papers brands. Other brands in Wrap Films' stable include Wrapmaster and Catertwrap.
