Zeus acquires food packaging company

Irish-owned Zeus Packaging, packaging manufacturer and distributor, has acquired Austrian-based food packaging solutions business, Petruzalek, which was part of Sirap-Gema Group. The €40 million acquisition strategy further expands and strengthens Zeus’s geographic presence across 12 countries in Western, Central and Eastern Europe.

In 2020, Petruzalek posted revenues of approximately €58 million, net assets of €16 million and EBITDA of €2.5 million. The acquisition, for an undisclosed sum from Italian investment holding company, Italmobiliare, completes a three-year €40 million acquisition strategy for Zeus. It is the seventh business to be integrated into the Zeus family during the past 18 months. Established by Brian O’Sullivan in 1998, this acquisition brings the number employed by Zeus from 450 people across 14 countries to 670 people across 26 countries. The group’s turnover has grown substantially over the past three years, reaching €208m in 2020 and expected to reach €280m for 2021.

Commenting on this latest acquisition, Zeus CEO Keith Ockenden said that the latest acquisition is the largest in its strategic expansion, and along with recent investments in leadership operational infrastructure, is an integral part of Zeus’s long-term growth strategy. The purchase of Petruzalek significantly extends Zeus’ reach into new markets, brings complementary diversification to its product range and further enhances its client network. Petruzalek’s product range utilises low environmental impact renewable, recyclable and compostable materials enabling Zeus to further deepen focus on sustainability in 2021.  

Zeus Founder Brian O’Sullivan said that despite the pandemic, in 2020 Zeus reached a milestone with revenues exceeding €200 million. With today’s announcement, Zeus remains on track to become the largest independent packaging distribution business in Europe.  

Assisting Zeus in the purchase of Petruzalek with funding, tax and legal advice, and financial due diligence were Sean O’Keefe, Ulster Bank; Eversheds Sutherland; Deloitte Ireland; bpv Hügel; McMahon O’Brien Tynan; Gattai, Minoli, Agostinelli & Partners, Milan; & EY, Vienna and Milan.