Chiltern-backed Hanmere acquires Plasmech

In 2017, Chiltern and Literacy Capital acquired Hanmere in a buy-in management buyout transaction, for consideration of £16m.

The company will continue to seek further acquisition opportunities following this transaction.

Investec provided £4m in debt financing to support the acquisition. The lender initially supported Chiltern's buyout of Hanmere and also provided the company with further asset-based and cashflow lending in 2019 to repay vendor loan notes and fund expansion projects.

Company
Based in Hitchin, Plasmech manufactures polythene bags and extrudes polythene film. Products include bags, liners, sacks, sheets and tubing. The company employs 20 people and was founded in 1997.

People
Chiltern Capital – David Butler (investment manager).
Hanmere – David Lennon (chairman).

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