Polyplastic Group, the Russian and CIS market leader in plastic’s processing, has today signed an agreement to acquire full ownership of Radius Systems Limited and all its subsidiary companies for an undisclosed sum.
Miron Gorilovsky, CEO of the Polyplastic Group, commented “Polyplastic is pleased to announce its first acquisition within the European Union and welcomes Radius Systems into the Group. The acquisition brings complementary technologies and innovation and reciprocal access to new markets. The strengthened group will benefit from the scale generated by the acquisition thereby creating a solid foundation for future growth”.
In 2012, Radius Systems generated net sales of over 100 MEUR and employs 370 people at their three facilities in Hilcote, Derbyshire (Group Head Office), Banbridge and Lurgan (both in Northern Ireland). The acquisition also includes the field services subsidiary Radius PLUS Limited.
Andy Taylor, CEO of Radius Systems said “the completion of this acquisition is exceptionally good news for the Radius Group and should be welcome reassurance for both our loyal employees and those suppliers who have supported the business through a tough two year period. With Polyplastic’s involvement and experience, we will be able to capitalise on being part of a substantial international Group. Our common competencies will allow us to access new market prospects and by leveraging our combined innovation, technology and scale we will deliver benefits to both our existing customers and our new owners”.
The buyers were advised by Deloittes acting from their Moscow and Birmingham offices, together with legal advice from CMS Cameron Mckenna LLP. The Birmingham based team at Ernst & Young advised the shareholders of Radius Systems, together with the Manchester based legal team at Eversheds LLP.
The UK business units will continue to trade under the Radius Systems, Radius Plastics and Radius PLUS brands.