Cork-based Zeus Packaging has acquired Spanish packaging firm Koex Packaging Solutions for €24 million, a move the Irish company says will boost its annual revenue by 20% to €600 million. The deal expands Zeus’s international reach and capabilities, adding clients like Reebok, Burger King, and Pull &. Bear to its existing roster that includes McDonald’s and Lush.
Founded in 1998 in Fermoy, County Cork, Zeus Packaging has grown rapidly through acquisition, having purchased six companies in the last three years, according to reporting in The Irish Times. The acquisition of Koex, a company with 20 to 25 years of operational history, is intended to strengthen Zeus’s position in the luxury and retail packaging sectors.
“What we have is about legacy. Creating a business that has a future that’s sustainable and can grow, and clearly I need to develop a culture within our own businesses and the businesses we acquire,” said Brian O’Sullivan, founder and owner of Zeus Packaging, in a statement to The Irish Times. He added that the company intends to leverage its existing network to accelerate Koex’s growth.
According to O’Sullivan, the combined entity will offer “full production, sourcing, design and engineering capabilities at scale.” Zeus currently generates annual revenue of €500 million, and anticipates the Koex acquisition will increase that figure to €600 million.