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December 2013

Maynard & Harris Group Limited

Adviser to Maynard & Harris Group Limited on their sale to RPC Group PLC

£103.5 million

Grant Thornton team

Darren Bear
Darren Bear, Chief Operating Officer

Industrials

Sell side

Corporate finance

We are delighted to have advised Maynard & Harris Group Limited on their sale to RPC Group PLC.

Maynard & Harris Group Limited (M&H), a major supplier of rigid plastic packaging solutions based in Beccles, Suffolk, has been acquired by RPC Group PLC (RPC) for a total consideration of £103.5m (6.5x proforma EBITDA multiple).

We advised the shareholders on the disposal. M&H provides packaging solutions to the personal care, healthcare and selected food segments across blow moulding and injection moulding technologies. M&H offers the largest range of personal care standards in the industry alongside fully customised designs, supported by high quality decoration capabilities and an extensive in-house tool library. The Company employs circa 700 people and sells product to markets in the UK, mainland Europe and the US from its manufacturing sites in Suffolk and Virginia, USA.

RPC is Europe’s leading supplier of rigid plastic packaging and following the announcement of ‘Vision 2020’ in November 2013, the acquisition of M&H represents an important step in realising RPC's strategy of selective consolidation in Europe and the creation of a meaningful presence outside of Europe.

For the year ended 30 April 2013 M&H generated revenue of £76.7m with an adjusted EBITDA of £13.9m. The Company expects to achieve an adjusted EBITDA of c.£15.9m to 30 April 2014.

Testimonial

Grant Thornton provided quality advice and service throughout the process, helping to deliver the transaction to the agreed timetable. Their hard work and commitment was instrumental in supporting us in securing the deal for the shareholders and Company. It was a pleasure to work with the team and I would be happy to recommend them to anyone considering a transaction.

David Duffield CEO, Maynard & Harris Group Limited