The Merseyside firm was acquired from administrators by Foodpack, a new company backed by investment and corporate advisory firm Seneca Partners and Secure Trust Bank.
The business will continue to trade from the same premises in St Helens, Lancashire, after being bought by Foodpack, which received a £7.5M refinancing package.
‘Key North West business’
Joint administrator Ben Woolrych, from FRP Advisory, said: “We’re delighted to have secured the future of this key north west business, preserving the 150 jobs and providing continuity of supply for its loyal customer base.
“We wish Foodpack Ltd and everyone involved in it every success for the future.”
Kapak was forced to appoint the administrators today (October 1) after having faced cash-flow difficulties. Its customers include household names in the food and drink sector and major retailers.
Food industry professionals Alistair Marsden and Anthony Hitchen have joined as senior directors and will sit on the Foodpack board.
View from administrators
“We’re delighted to have secured the future of this key north west business, preserving the 150 jobs and providing continuity of supply for its loyal customer base."
- Ben Woolrych, joint administrator from FRP Advisory
‘State of the art’ facilities
Marsden, a former md at two food production companies in the north west, said the business has “state of the art” facilities and skilled workforce.
“We are excited about the future for Foodpack and are looking forward to working with the existing team and customers,” Marsden said.
Founded 16 years ago, Kapak reported a £17M turnover in its most recent accounts. The firm moved to its nearly 7,500m2 food production unit in 2013.
Tim Murphy and Richard Manley, who worked on the deal for Seneca Partners, said they managed to complete the transaction very quickly.
“We’ve introduced a team – in Alistair and Anthony – who are respected throughout the food industry and who can drive the business forward, building on its undoubted strengths,” they said.
“We have every confidence in the potential to develop Foodpack in the sector.”