Expert business growth consultant, Tower Growth Management LLP (TGM), has announced the acquisition of Nottingham-based Visual Packaging (Plastics) Ltd (VP).
As a leader in the design and manufacture of a wide range of both traditional and advanced thermoformed packaging solutions, VP offers innovative, bespoke retailing solutions for a wide variety of industries, including food, medical and cosmetics.
TGM, an agile, trusted investment partner, manages a portfolio of companies acquired by owners who want to see their businesses reach their full potential and profitability. At its helm is a team of five incredibly knowledgeable Managing Partners each with their own sector of expertise. It is this collaborative, flexible approach that inspires a powerful strategic vision to drive performance excellence.
The experienced acquisition partners plan to help develop the business by increasing its turnover from £2.6 million to £3.3 million over the next year by working with the packaging firm to develop 100 per cent biodegradable plastic packaging.
The team is also looking to expand VP’s client base and team, with the recruitment of a designer, business development team and the introduction of an apprenticeship programme.
Directors of VP, Rob Morley and Stephen Webster, established the packaging firm in 1989 and after almost three decades of hard work and success, the duo felt it was the ideal time to take a step back from the demanding duties of company ownership.
“Both Stephen and I are incredibly proud to say we’ve built up this brilliant business but we knew that this was the right time to exit and start a new chapter of our lives,” said Rob.
He continued: “We’d spoken to several people interested in the business, but the reason we went with TGM is because the team wanted to drive the business forward, rather than asset strip it. They were also committed to looking after the staff, which was the most important thing to us.
“The TGM team is friendly and really easy to deal with. I’m looking forward to working with them to develop the business, as well as the new flexible working hours.”
The acquisition has not only given the firm’s 10 employees job security, but there have also been promotions for the company’s production manager, Dave Norton, who prepares to step up to general manager position, and Zoe Allen, who has been promoted to head of sales.
Regional Partner of TGM Simon Ashcroft, who has been appointed to VP’s board, was instrumental in the acquisition process and is working closely with the directors, clients and staff to help the business to continue to develop and deliver an outstanding service.
Simon said: “We are delighted to welcome VP into the TGM family and I’m really looking forward to seeing where we can take the Company.
“The VP team is extremely loyal to the firm and they pride themselves on their expert knowledge, fast turnaround times and fantastic customer service.”
Managing partner of TGM, Jon Frewin, who has 30 years’ experience within finance and manufacturing sectors, has worked with multi-national companies dealing in multiple acquisitions.
Commenting on the acquisition, he said: “Our approach to acquiring companies is team-based and I would like to thank the sellers and their advisors for their input during the process.
“We are entering a transition phase where Simon is re-energising the business in conjunction with existing staff, the former owners and engaging with key customers.
“The future is looking very bright with initiatives using recycled and recyclable materials and there’s a strong focus on biodegradables.”
To find out more about TGM, visit: www.towergm.co.uk.
Financial terms of the transaction have not been disclosed.