Sirap Group is selling its assets in Austria and Central-Eastern Europe (Petruzalek Group) and Germany (Sirap GmbH). The acquisition allows Zeus Packaging to enter new markets in line with the growth path which it has consolidated over the last two decades.
Petruzalek Group entered in the Sirap Group in 2003 and today operates in 12 countries, with a turnover of around 50 million euro.
Sirap GmbH acquired in 2018 by Sirap Gema S.p.A., has achieved in 2020 a turnover of around 8.0 million euro.
The agreement follows the previous one signed in recent weeks, through which the Sirap food packaging business in Italy, Spain and Poland have become part of Faerch Group. The new Sirap group perimeter includes France and UK assets, with a consolidated turnover around 70 million euro.
Closing of the transaction - subject to usual conditions precedent - is expected to take place within the second quarter 2021.