Proseal, the Cheshire firm that provides tray sealing technology to the food industry, has been snapped up by Chicago-based JBT Corporation in a £220m deal.
FDMB North West understands that 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.
The deal, which is expected to be finalised in the second quarter of 2019, will mean Proseal can further expand its business by providing access to JBT’s global sales and service network.
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.
Dow Schofield Watts Corporate Finance, Spinnaker Corporate Finance and Addleshaw Goddard advised on the deal.