Newbury & Salisbury: GWP acquires Eastman

The Great Western Packaging Company (GWP) has expanded with the acquisition of Eastman Packing, financed by a funding package of £1m from NatWest.

Founded in 1990 by five of its current executive directors, GWP is based in Swindon and designs and manufactures bespoke packaging from basic transit containers to complex protective packaging for fragile electronic and telecommunications components. Its three operations are currently based in Swindon, Wootton Bassett and Newbury.

GWP’s newly acquired business, Salisbury-based Eastman Packaging, is a leading manufacturer of specialist foam packaging, supplying to industry and also end users. It is the second largest manufacturer of flight cases in the UK and specialises in packaging equipment for the transportation of medical, scientific and defence goods.

With business continuing to grow for GWP, the company were keen to expand in their geographical area, as well as finding a company which would allow it to provide a broader service to new and existing customers.

To enable the buyout to take place, Chris Elias, from NatWest and his colleagues worked with the GWP team to set up a suitable financial structure. The package delivered included a flexible funding agreement, which will grow with the business as it increases its portfolio and volume of trade.

Following the buyout, Ruth Cook, Group Finance director, was so impressed with the response from NatWest that she decided to switch their full banking facilities to the bank.

David Pedley, Group Chairman of GWP commented: “I am incredibly excited by our acquisition of Eastman Packaging. The Salisbury location fits perfectly with our plans to expand geographically into the South Wiltshire and Dorset areas. I am grateful to Chris Elias and the team at NatWest and was impressed with the breadth of financial solutions provided. I was also delighted with how easy it was to switch banks, and the transition was smooth and trouble free. I look forward to working with Chris and his team to support the continued expansion of our business.”

Chris Elias, regional director, Commercial Banking for Swindon, at NatWest commented: “By working closely with the GWP team, I clearly understood the company’s business objectives and was able to work with my colleagues to deliver a bespoke financial solution. There are certainly exiting times ahead and I wish David and his team every success for the continued growth of the GWP group.”