Zeus acquires Spanish packaging firm for €24m

Zeus has seen ongoing expansion, ans is expected to see revenues reach €600m.

Koex commercial director Luis Astorqui, Zeus owner and founder Brian O'Sullivan, and Koex managing director Sebastian Perez.

Irish packaging group Zeus has made one of its largest acquisitions to date with a €24m deal for Spanish premium retail packaging firm Koex.

Headquartered in Madrid, the acquisition is another step in Zeus' ongoing expansion. Brian O'Sullivan's firm is expected to see revenues reach €600m, supported by more than 1,500 employees worldwide.

Koex also operates offices in Miami and Paris with manufacturing in Fuzhou, China. It serves clients across the United States and Europe, including global brands Massimo Dutti, Pull&Bear, Fnac, Burger King, Reebok, Steve Madden, McDonald’s, LUSH, Harrods, Nike, and TAG Heuer.

Annual revenues exceed €25m, and the firm employs up to 50 staff. The deal will not impact existing staff.

In an update, Zeus said: "This partnership strengthens our position as a leading European packaging platform and enhances our premium retail and luxury packaging capabilities across Spain, the UK, Ireland and beyond. By bringing together expertise across design, sourcing, production and logistics, we are expanding our end-to-end offering while extending our international reach into the United States."

Zeus has begun 2026 in acquisition mode, which has been the hallmark of the company's rapid expansion in recent years.

Additions to board of directors

In November, the company saw industry veterans Brian O’Kelly and Paul Hogan join the board as it pursues ambitious growth, M&A, and sustainability objectives.

Mr O’Kelly previously spent 24 years at Goodbody Stockbrokers as co-head of investment banking. He was also MD of Goodbody Corporate Finance. He currently chairs Bellingham Capital, a food sector private equity firm, and is a director of H&K International, a global kitchen equipment supplier.

He is also chairman of EIIS Management, a joint venture between Goodbody and Azets. He was the chairmanof Gresham House Ireland Investment Management and a director of Irish Continental Group.

Meanwhile, specialist finance executive Paul Hogan brings 30 years’ experience in global packaging, corporate development, M&A, and financial leadership. He began his career at Price Waterhouse and spent 24 years at Clondalkin Group, rising to CFO and leading global corporate development and M&A activity.

In 2014, he became CFO of Nelipak Healthcare Packaging Corporation, overseeing North American finance across multi-site healthcare operations in a private-equity-backed environment, and in 2020 he was appointed CFO of Brook & Whittle Holdings.

Mr Hogan also serves as a director of Uniphar, where he chairs the nominations committee and contributes to governance, risk and sustainability oversight.