Proseal to be Acquired by US Corporation in £220m Deal
1st May 2019
Proseal – a leading UK provider of tray sealing technology to the food industry – is to be acquired by Chicago-based JBT Corporation.
JBT, which is listed on the New York Stock Exchange, has signed a definitive agreement to acquire the company for a purchase price of approximately £220m, subject to regulatory approvals. The deal will allow Proseal to further expand its business by providing access to JBT’s global sales and service network. Closing is expected in the second quarter of 2019.
Established in 1998, Proseal now employs 350 staff in Adlington, Cheshire, with additional facilities in Richmond, Virginia and Melbourne, Australia, and supplies high-quality tray-sealing machines to markets worldwide.
Under the terms of the deal, the management team which is led by the founders – Steve Malone and Robert Hargreaves – will remain in place and the Proseal brand will also be retained.