GCP exits Wrap Film to Cofresco

Since GCP first backed Wrap Film, the company has invested in new product development. In 2009 it also acquired UK competitor Bacofoil.

The transaction marks GCP's second divestment of 2015, having exited online travel agent Iglu to LDC in June in a deal believed to be worth £60m.

Previous funding
GCP supported the MBO of Wrap Film in 2007 – a deal worth more than £20m – with the provision of a hybrid debt and equity package.

Company
Founded in 1975, Telford-headquartered Wrap Film supplies kitchen products including cling film, aluminium foil and dispensers. The business has a headcount of 300, up from 120 when GCP first invested.

GCP stated Wrap Film's revenues and EBITDA have both doubled since the company's MBO; in 2007 its turnover was £27m.

People
Garrett Curran, who is managing partner at GCP, worked on the transaction alongside operational partner Richard Pentson. Adrian Brown is CEO of Wrap Film. Pieter van Halewijn is managing director of Cofresco.

Advisers
Vendor – Ward Hadaway, Martin Hulls, Katherine Hay-Heddle (Legal).

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• Topics
• Exits
• UK / Ireland
• Industrials
• Growth Capital Partners (aka Close Growth Capital)
• United Kingdom