Prowrap, a manufacturer of cling film, aluminium foil and baking papers, has secured a significant investment from Longacre Group with the support of the corporate finance team at FRP.
The deal will see Longacre Group back both brands within the Prowrap portfolio – Procare and Wrapex – and importantly maintains the long-term future of the business in Bristol.
Longacre Group, a private investment firm that backs SMEs across the UK and Europe, has backed Prowrap’s existing management team led by CEO Nick Scoon. They will now work closely together to support the future growth of the business, which already employs more than 50 people and exports to 25 countries having successfully gained a foothold in the European market.
The deal was introduced and led by corporate finance partner Mark Naughton and director Alex Sargeant at specialist business advisory firm FRP.
Headquartered in Fishponds, Bristol, Procare specialises in high-quality hair foils, innovative dispensing systems and alternative colour placement systems, and supplies to the hair and beauty sector across the globally. Operating from the same site, Wrapex is the UK’s largest independently owned rewinder, supplying aluminium foil, cling film and baking paper to the food service and retail markets. It also manufactures its proprietary Speedwrap dispensing system.
Nick Scoon, CEO of Prowrap, said: “I’ve worked with Mark and the team at FRP in Bristol for a number of years and would not have been able to complete this deal without their support. The team worked hard to find us the right investment partner and with the support of Longacre Group we will be able to grow the Prowrap Group and develop both brands from our base here in Bristol.”
Mark added: “Prowrap is a fantastic business and it has been a pleasure to support Nick and his team on such an important local deal. We were able to adopt a flexible and creative deal structure that maximised value for the shareholders and secured the backing that the business needs to continue to invest. With Longacre on board I’m confident the management team is well placed to withstand the current market challenges we are all facing and will be able to embark on the next phase of their growth strategy.”
Stani Schmidt-Chiari of Longacre Group said: “We are excited to be a part of Prowrap’s future success. With its market leading position and innovative offering Prowrap is precisely the type of business Longacre Group looks to support. We have been impressed by the Prowrap team and we look forward to working with them as they continue growing the business.”
Prowrap was advised by law firms Burges Salmon (Mark Shepherd and Alex Lloyd) and Clarke Wilmott (Simon Thomas), with tax advice provided by Saffery Champness (David Lemon and Neil Davies).
Longacre Group was advised by advised by TLT (Jon Gill), RSM and Drystone Strategy.