Longacre Group Announces Investment in Prowrap
LONDON - 11 March 2020 - Longacre Group has invested into Prowrap Limited ("Prowrap"), a leading UK producer of innovative dispensing solutions, foil, film and baking paper, supplying into the hair colouring, food service and retail industries. Longacre Group is investing to back the existing Prowrap management team.
Prowrap comprises two brands:
- Procare is a leading UK supplier of high-quality specialist foil, film and innovative dispensing solutions to salons in the UK, Europe and globally for professional hair colouring.
- Wrapex supplies foil, film and baking paper to the UK food service and retail markets, as well as professional dispensing systems designed for demanding commercial kitchens.
Nick Scoon will continue as CEO, supported by a strong senior management team. Stewart Cantley, one of Longacre Group's Operating Partners, will join Prowrap's board as Chairman to support and continue the impressive track record delivered by Nick and his team.
Stani Schmidt-Chiari, of Longacre Group commented: "We are excited to be a part of Prowrap's future success. With its market leading position and innovative offering Prowrap is precisely the type of business Longacre Group looks to support. We have been impressed by the Prowrap team and we look forward to working with them as they continue growing the business."
Nick Scoon CEO of Prowrap added "I specifically selected Longacre Group as partners who will enable the Prowrap Group to develop its brands and create value for the future whilst retaining our operations in their current format. I know they are excited to be part of such a great business with an amazing team and future and I look forward to our partnership."
Longacre Group were advised by TLT, RSM and Drystone Strategy.
Prowrap was advised by FRP and Burgess Salmon.
For further information please contact:
Stani Schmidt-Chiari +44 0203 675 7731 Stani.Schmidt@Longacre.com
Elliot Nicholson +44 0203 675 7732 Elliott.Nicholson@Longacre.com
About Longacre Group
Longacre Group is a private investment firm backing small and medium sized companies across the UK and Europe in B2B sectors. Longacre Group approaches investments with an entrepreneurial mindset and works alongside experienced management teams to promote transformational growth through geographic expansion, strategic acquisitions and operational improvements.
Longacre Group makes decisions quickly and deploys £100m of flexible evergreen capital to fund a wide range of transaction types. We have backed management teams in buy-outs, supported new teams to buy-in, acquired non-core divisions from large corporates, turned around loss-making businesses and helped owner-managers to find solutions in retirement sales. Prowrap is Longacre Group's eleventh investment.