Irish packaging giant Zeus, led by EY Entrepreneur of the Year Brian O’Sullivan, acquires Madrid-based Koex for €90 million. This deal is the sixth acquisition in three years, aimed at reaching €600 million revenue by 2026. Koex brings expertise in luxury packaging and clients like Massimo Dutti. The company also secured €150 million in funding.
Zeus Packaging , led by founder and owner Brian O’Sullivan, continues its aggressive expansion with the acquisition of Koex , a Madrid-based packaging company. This marks the sixth acquisition in the past three years for the Irish group, representing a combined investment of €90 million. Koex , which also has offices in Miami and Paris, and a manufacturing base in Fuzhou, China, brings annual revenues of approximately €25 million and a team of 45 employees.
The acquisition is strategically aligned with Zeus's goal of achieving €600 million in revenue by 2026, a significant increase from the nearly €500 million achieved last year. This ambitious growth plan is fueled by a combination of organic expansion and the full-year contributions from its recent acquisitions, solidifying Zeus's position as a dominant player in the European packaging market.\This strategic move by Zeus further strengthens its global presence and expands its capabilities within the packaging industry. Koex, known for its expertise in luxury and retail packaging, services prominent international brands such as Massimo Dutti, Pull&Bear, Fnac, Burger King, Reebok, and Steve Madden, providing them with premium packaging solutions and comprehensive global logistics. The integration of Koex's operations with Zeus's existing network will enable the company to offer full production, sourcing, design, and engineering capabilities on a larger scale. This expansion is supported by a robust financial strategy, including a €150 million line of finance secured from a syndicate of banks including AIB and three international lenders. Beyond Koex, Zeus has also recently welcomed two non-executive directors: Brian O’Kelly, formerly of Goodbody Stockbrokers, and Paul Hogan, an experienced executive who is also a director with the Irish-listed company Uniphar. Further demonstrating its commitment to growth and strategic expansion, Zeus has also completed recent strategic acquisitions, including JJ O’Toole in Ireland and four deals in the UK with companies Boxmart, Smith Bateson, Swanline Group, and Simpac. Brian O’Sullivan emphasizes that these acquisitions are in line with Zeus's culture and profile, reinforcing its status as the largest private packaging company in Europe with a single shareholder.\The acquisition of Koex is expected to significantly contribute to Zeus's long-term growth and sustainability. Speaking to The Irish Times, Brian O’Sullivan highlighted the importance of creating a sustainable business with a promising future. Luis Astorquisaid, the commercial director of Koex, echoed this sentiment, emphasizing the shared values between the two companies, including a strong customer focus, commitment to quality, and a long-term perspective on partnership. The recent trade agreement between the EU and India has also presented new business opportunities for Zeus. While acknowledging the potential impact of tariffs implemented by the US under the Trump administration, O'Sullivan expressed optimism about the future, particularly with the removal of tariffs in the EU-India trade agreement. Founded in 1998, Zeus Packaging now employs over 1,500 people across 42 countries and operates 65 production and logistics locations. The company provides sustainable packaging solutions across various sectors, including food service, retail, industrial, agricultural, and ecommerce, highlighting its commitment to environmental responsibility and innovation within the packaging industry
Zeus Packaging Acquisition Koex Packaging Business Expansion
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