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A West Sussex-headquartered manufacturer of plastic extrusion products – which employs an 80-strong team and was established in the 1960s – has been bought by a Swedish Group. The deal was advised on by FRP Corporate Finance.
Condale Plastics has been producing its bespoke products for more than 50 years, with the £18m-turnover outfit now under the ownership of Lifco.
The deal for the East Grinstead business – established in 1969 – includes a full exit for its founding directors.
The company will continue to operate from its 64,583 sq ft manufacturing facility, which features 33 extrusion lines and a separate unit for the production of medical grade extrusions.
A team from FRP Corporate Finance in Brighton, led by partner Adrian Alexander and senior manager Nick Lovelock, acted as lead advisers to Condale Plastics.
David Dalton, exiting chairman of Condale Plastics, said: "The past 50 years have been an extremely rewarding time as I've watched Condale flourish and grow to become the business it is today.
"I'd like to thank our customers for their ongoing support as we continue to work with them to create bespoke products that help them grow their own businesses.
"Selling a homegrown business will always be a difficult decision but both FRP Corporate Finance and Gunnercooke have ensured we found a suitable buyer and delivered a seamless transition to the benefit of all involved."
Adrian Alexander, partner at FRP Corporate Finance, added: "David and the team at Condale have created an outstanding business which boasts the status of being one of the UK's oldest and largest plastic extrusion manufacturers.
"We're increasingly seeing international buyers looking to invest in high-quality British businesses, and this deal will help expand the reach of locally developed innovation. We wish all parties the very best for the future."
Matthew Searle, corporate partner at Gunnercooke, said: "The team at Condale still has limitless potential and it's clear that it will continue to thrive, supported by the shared culture and resources offered by Lifco. I look forward to seeing the business accelerate its growth in the future."
Matthew Ord, Senior Digital Staff Writer T: 0844 980 0188 E: matthew.ord@newsco.com
Aristide Sendanga, Sales Director T: 07939 911943 E: aristide.sendanga@newsco.com
Derek Tierney, Business Development Manager T: 01403 289 006 E: derek.tierney@newsco.com
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