Proseal to be acquired by JBT
Chicago-based JBT Corporation has agreed to acquire tray sealing technology provider Proseal for a purchase price of approximately £220m (about AU$407m). The deal will allow Proseal to further expand its business by providing access to JBT’s global sales and service network.
Established in 1998, Proseal now employs 350 staff in Adlington, Cheshire, with additional facilities in the US and Australia. Under the terms of the deal, the company’s management team will remain in place and the Proseal brand will also be retained.
“We are delighted to announce that Proseal is to become part of JBT, which will significantly enhance our global presence. This deal will ensure Proseal’s continued growth and success through access to JBT’s global sales and service network, enhancing our customer support overseas as well as growing our business into new markets,” Proseal Co-founder Steve Malone said.
JBT is also set to benefit, with the acquisition expected to add annual revenue of approximately US$100 million with EBITDA margins of approximately 25% before acquisition-related costs.
“The acquisition of Proseal represents an important expansion of JBT’s capabilities, adding significantly to our end-of-line market position and advancing our strategy of providing full-line customer solutions,” explained Tom Giacomini, JBT’s Chairman, President and Chief Executive Officer. “Moreover, we believe Proseal’s technology affords growth opportunities around the globe.”
“Tray sealing is relevant to many of our FoodTech customers, particularly in the rapidly expanding market for convenience foods,” said Carlos Fernandez, JBT’s Executive Vice President and President, Liquid Foods.
Closing is expected in the second quarter of 2019 and is subject to regulatory approvals.
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