SCG Packaging Public Company Limited (SCGP) announced the closing on the acquisition of Go-Pak UK Limited (Go-Pak), which follows the previous disclosure to The Stock Exchange of Thailand on November 2, 2020.
SCGP’s acquisition of the entire 100% stake in Go-Pak from its existing shareholders is initiated by the first payment of 77.5 million GBP (approximately 3,180 million Baht). The second and third payments will be based on Go-Pak’s incremental financial performance for FY2021 and FY2022, which will range from 30 million GBP to no more than the total of 56 million GBP (approximately 1,230 to 2,300 million Baht). This purchase will be through SCGP Solutions (Singapore) Pte. Ltd., which is a wholly owned subsidiary of SCGP. SCGP will consolidate Go-Pak from January 2021.
Headquartered in Bristol UK, with production facilities in Southern Vietnam, Go-Pak (https://www.go-pakuk.com/) is one of leading foodservice packaging solution providers, predominant in the ready-to-eat, and takeaway food & beverages business in the UK, European and North American markets, from its own production with annual capacity of 4 billion units and global sourcing network of related products, totally covering over 250 product categories. On a last twelve months basis, Go-Pak recorded revenue of 68.7 million GBP (approximately 2,800 million Baht) and net profit after tax of 10.9 million GBP (approximately 450 million Baht), and had assets of 40.2 million GBP (approximately 1,650 million Baht) at the end of Q3/2020.
SCGP possesses existing facilities in Malaysia and Thailand that manufactures foodservice packaging, with key markets in ASEAN and Japan. This acquisition of Go-Pak is an expansion of SCGP’s foodservice packaging business and elevates its consumer platform, while giving access to a customer base in the UK, Europe and North America. This will also broaden SCGP’s total packaging solutions and strengthen its production and distribution capabilities to grow the ASEAN market.
SCGP is the largest comprehensive packaging solutions provider in ASEAN offering fiber-based packaging, performance & polymer packaging and other diversified solutions with over 40 facilities across Vietnam, Indonesia, Malaysia, the Philippines and Thailand.