Zeus acquires Limerick firm as rise in home deliveries increases demand for packaging

Growth in the home delivery sector is seeing demand for packaging increase by more than 20%

The addition of the company's 45 staff will bring Zeus’s personnel in Ireland to 221.

Industrial and transit packaging specialists Limerick Packaging have been acquired by Irish firm Zeus in its second significant acquisition this year as it expands in the corrugated packaging sector.

Providing corrugated packaging to the health and food sectors, Limerick Packaging was founded in 2002 by Connie Ryan and Mike Boland. The company has an annual turnover of €17.4m. 

The addition of the company's 45 staff will bring Zeus’s personnel in Ireland to 221. Earlier this year, Zeus completed a €40m, two-year programme of strategic acquisitions with the purchase of Austrian firm Petruzalek expanding the group’s distribution and logistics capabilities in food and industrial packaging across 26 countries. 

Zeus was established in 1998 by Brian O’Sullivan and has an annualised turnover of €325m and employs 670 people worldwide. Financial details of this acquisition have not been disclosed and the sale is subject to the approval of the Competition and Consumer Protection Commission.

Zeus said it plans to invest in its industrial and transit packaging offering, strengthening its current infrastructure through this acquisition in order to capitalise on the growth in this market. They said there will be further investment in staff, design and technical capabilities along with expanding the range of products.

“The acquisition of Limerick Packaging is a major step in the next phase of our growth plan," Zeus CEO Keith Ockenden said. "Integrating both Limerick Packaging’s and Zeus’s industrial and transit packaging reach in Ireland, coupled with our foothold in the UK market, will deliver economies of scale, operational efficiencies, and customer service improvements. It will also allow us to provide a more comprehensive range of products and services for our combined customers."

"Zeus has sourcing capabilities across Europe and this move will realise greater supply chain security to our business within Ireland. The additional operations in Limerick will bring our total storage and distribution capacity to over 600,000sq ft throughout the country.”

Mr Ockenden said growth in the home delivery sector due to the Covid pandemic is seeing demand for packaging increase by over 20%. "It will better enable us to provide both bespoke and off-the-shelf solutions to Irish businesses and cements our ambition of becoming the leading industrial and transit packaging supplier across Ireland and the UK."

Connie Ryan, Managing Director of Limerick Packaging said: “Zeus is a company that we have admired since we first started our business almost 20 years ago and we are excited with the opportunity to become part of the Zeus family. Our team are specialists in their field and are looking forward to sharing their insights and experience with the Zeus team."

"We are all incredibly excited for the new opportunities and capabilities that being part of this global company will offer, ultimately to the benefit of our valued customers.” 

 Assisting Zeus in the purchase of Limerick Packaging with funding, tax and legal advice, and financial due diligence were Sean O’Keeffe, Ulster Bank and OFX Solicitors in Cork.