The acquisition of SteriPack is backed by UK private equity firm Inflexion


SteriPack, the Co. Westmeath-based manufacturer of products for the medical and pharmaceutical markets, has been acquired by its US owner in a transaction backed and led by a London-based private equity fund.

It is the second time in six years that SteriPack has been sold.

British company Inflexion said it led the buyout of SteriPack with a £2.5 billion buyout fund it closed earlier this year.

It said it would also support SteriPack with possible future acquisitions.

Founded in 1994 by Garrett ‘Garry’ Moore and other supporters, SteriPack is a global contract manufacturer that manufactures products for the medical device, pharmaceutical and diagnostics markets. It has more than 100 customers.

It designs, develops and manufactures the products and employs more than 650 people at locations in Ireland, Poland, Malaysia and the United States. Most of the employees – around 400 – are employed in Poland.

In 2016, a majority stake in the company was sold to US firm Bemis in a deal valued at more than €70 million at the time.

For the 12 months ended September 2020, the company behind SteriPack had sales of €48.7 million and an operating profit of €5.5 million. In this financial year, it achieved a pre-tax profit of €490,000.

This contrasted with income of 39.3 million euros in the previous financial year and an operating loss of 4.4 million euros.

In the 2019 financial year, he incurred special costs of €5.9 million. They included an impairment of investments amounting to €4.4 million.

SteriPack has continued to make acquisitions. Last year the company bought HS Design of New Jersey and Halleck-Willard of Colorado.

At the end of fiscal 2020, the company behind SteriPack had bank loans totaling €23 million.

Flor Kassai, partner at Inflexion and head of the buyout fund, described SteriPack as a “hugely successful niche market player” and that the UK company’s investment and experience will help SteriPack management accelerate growth globally.

“Inflexion’s presence in our core markets of Europe, Asia and the US, as well as its extensive M&A experience, make it the ideal partner to support our future international growth,” said Andrew McLean, Chief Executive of SteriPack.

Inflexion typically invests between £10m and £400m in equity in each completed transaction. Funds advised by Inflexion Private Equity Partners have around £7.1 billion in assets under management. The acquisition of SteriPack is backed by UK private equity firm Inflexion

Fry Electronics Team

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