Management Buyout Announced for Benson Group

Benson Group, one of the UK's leading privately owned printed folding carton manufacturers, has announced that its Managing Director Mark Kerridge and Commercial Director Nick Benson have led a management buyout of the business, with support from Lloyds Banking Group.

The transaction has provided the business with an appropriate funding structure to facilitate the exit of two principal family shareholders, and will help to support the management team's future growth strategy.

Mark Kerridge confirmed that: "It will be business as usual," following the successful conclusion of negotiations for the packaging company.

The business has enjoyed a highly successful ten year period of growth since its move to the purpose-built Bardon site and the arrival of Mark Kerridge as Managing Director. During this time, the Benson Group has grown from a £10 million turnover single-site operation, to a four-site £108 million turnover organisation returning an EBITDA of £10.7 million in 2011. It has acquired three additional packaging businesses, absorbed the order books of two further companies, and invested over £22 million in plant and equipment making it the best-invested business in its sector. The business is currently on track to reach sales of £120 million in 2012.

Commenting on plans for the business, Mark Kerridge said: "We expect to continue with our current business strategy, with further organic growth anticipated. The business plan that has been created for the MBO has identified a number of potential opportunities for us to explore in the near future. We will also be keeping a keen eye on European developments."
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