Plastics Capital plc (AIM:PLA) agreed to acquire Flexipol Packaging Limited from John Joseph Dermot Griffiths, Patrick Thomas Connelly and Ian John Smith for £10.6 million on November 3, 2014. Under the terms, the consideration consists of £9.82 million cash payable on completion and £0.82 million of earn-out payments which may be payable in cash based on certain EBITDA targets. The consideration will be satisfied in cash through the proceeds of the placing from the issue of 5.1 million shares, £5.4 million extension of the existing debt facility with Barclays Bank plc and £0.5 million from existing cash resources. Flexipol Packaging Limited generated nearly £15 million in revenue and pre-tax profits of £1.1 million in the year ending 2013. The transaction is subject to various conditions. As of November 20, 2014, the deal was approved by the shareholders of Plastics Capital. Mark Connelly and Stephen Keys of Cenkos Securities acted as financial advisor and broker to Plastics Capital. David Hart and Katrina Perez of Allenby Capital Limited acted as brokers to Plastics Capital. Paul Cornelius and Helen Cresswell of Walbrook PR Ltd acted as public relations advisor to Plastics Capital. Yunus Maka and Phebe Hemmings of DLA Piper acted as legal advisors to Flexipol. John Parkinson, Oliver Burton, Richard Crisp of BDO LLP acted as Due Diligence provider in the transaction. KPMG acted as auditor for Plastics Capital. Stephenson Harwood acted as legal advisor for Plastics Capital. Deloitte acted as auditor for sellers.

Plastics Capital plc (AIM:PLA) completed the acquisition of Flexipol Packaging Limited from John Joseph Dermot Griffiths, Patrick Thomas Connelly and Ian John Smith on November 21, 2014.