Proseal – a leading provider of tray sealing technology to the food industry – is to be acquired by Chicago-based JBT Corporation.
JBT, which is listed on the New York Stock Exchange, has signed a definitive agreement to acquire the company for a purchase price of approximately £220m, subject to regulatory approvals. The deal will allow Proseal to further expand its business by providing access to JBT’s global sales and service network. Closing is expected in the second quarter of 2019. Dow Schofield Watts Corporate Finance and Spinnaker Corporate Finance advised on the deal.
Established in 1998, Proseal now employs 350 staff in Adlington, Cheshire, with additional facilities in Richmond, Virginia and Melbourne, Australia, and supplies high-quality tray-sealing machines to markets worldwide.
Under the terms of the deal, the management team which is led by the founders – Steve Malone and Robert Hargreaves – will remain in place and the Proseal brand will also be retained.
Commenting on the deal, Steve Malone stated: “We are delighted to announce that Proseal is to become part of JBT, which will significantly enhance our global presence. This deal will ensure Proseal’s continued growth and success through access to JBT’s global sales and service network, enhancing our customer support overseas as well as growing our business into new markets.”
“The acquisition of Proseal represents an important expansion of JBT’s capabilities, adding significantly to our end-of-line market position and advancing our strategy of providing full-line customer solutions,” stated Tom Giacomini, JBT’s Chairman, President, and Chief Executive Officer. “Moreover, we believe Proseal’s technology affords growth opportunities around the globe.”
“Tray sealing is relevant to many of our FoodTech customers, particularly in the rapidly expanding market for convenience foods,” said Carlos Fernandez, JBT’s Executive Vice President and President, Liquid Foods.
The shareholders of Proseal were advised in a joint mandate by Philip Price, Gerard Lucas and Callum Sellar of Dow Schofield Watts and Dave Wilson at Spinnaker Corporate Finance. Legal advisors to Proseal were Addleshaw Goddard led by Paul Medlicott, Joanne Cooper, Mark Guttridge and Farah Aslam.
About Proseal
Founded in 1998 and based in Adlington,
Cheshire, Proseal designs and manufactures high quality automatic tray sealing
machines, conveyor systems and sealing tools for the food industry and other
applications. Offering customers the complete packaging solution, Proseal
manufactures an extensive range of manual, semi-automatic and fully-automatic
tray sealing machines with throughputs from 6 to 240 packs per minute.
With operations in America and Australia and a network of 14 global
distributors, Proseal has seen significant growth and marked its 20th
anniversary last year (2018) by winning a Queen’s Award for Enterprise in the
category of International Trade. The company received the honour in recognition
of its outstanding continuous growth over the last six years.
About JBT Corporation
JBT Corporation (NYSE: JBT) is a leading global technology solutions provider to high-value segments of the food & beverage industry with focus on proteins, liquid foods and automated system solutions. JBT designs, produces and services sophisticated products and systems for multi-national and regional customers through its FoodTech segment. JBT also sells critical equipment and services to domestic and international air transportation customers through its AeroTech segment. JBT Corporation employs approximately 5,900 people worldwide and operates sales, service, manufacturing and sourcing operations in more than 25 countries. For more information, please visit www.jbtc.com.
About Dow Schofield Watts Group
Dow Schofield Watts is a prominent independent advisory business which for over a decade has delivered a partner-led corporate finance service across diverse industries. Established in 2002, the firm has a talented team of over 60 professionals, based in offices in Manchester, Leeds and London and provides a broad range of professional services, including corporate finance, transaction services, business recovery, management and strategy, VAT and tax consultancy, tax resolution, forensic services and wealth management. The business has a dedicated tech team and operates the Dow Schofield Watts Angels network and Pandea M&A, an international network of corporate finance firms which now covers 14 different countries and 60 offices.
