Woodberry Capital has acquired packaging company Incodia, the UK’s largest supplier of gift, loyalty and membership cards, for an undisclosed sum.
Woodberry is a Dublin-based private equity firm led by chief executive and founder Patrick Doran, who has a long history in the printing and packaging industry. The firm’s most recent acquisition was Dublin printing group Colourman, which it bought in 2021 from owners Clare Nixon, Gary Clarke and David Clancy for an undisclosed fee.
Founded in 1979, Incodia was bought in 2018 by UK private equity Longacre Group, owner of a number of specialised technical products companies in Britain and Europe. According to its website, the company has supplied loyalty and membership cards as well as gift voucher cards for brands including Boots, Tesco, Costa Coffee, Amazon and Netflix among others.
Overseas acquisition
Incodia generated turnover of €15 million last year, operating two manufacturing sites: one in Essex and one in Lancashire.
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The deals marks Woodberry’s first deal acquisition of a business outside of Ireland as it looks to expand its print and packaging operations under its Woodberry Packaging subsidiary, which is forecasting revenues of €48 million in 2023.
Commenting on the deal, Mr Doran said the acquisition will also add expertise to the firm’s packaging division.
“Incodia has consistently evolved and innovated over successive decades to become the industry leader it is today,” he said. “Incodia’s capabilities strongly complement our other print and packaging business, Colorman, and we are confident of its long-term growth prospects as part of Woodberry Packaging.”
Incodia chief executive Allan Lock said the business is a “strong complementary fit” for Woodberry’s existing packaging division.
“The Incodia business will also benefit, through enhanced capabilities, expertise, and scale,” he said. “We look forward to working with Patrick, who himself has significant experience in the print and packaging industry, as well as the team at Colorman, as we continue to build on our market leading position and grow our services to many of the UK’s best-known brands.”
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Woodberry is the private equity arm of Mr Doran’s family office, Ryhall, which has a focus on investing in businesses with long-term growth potential that generate between €25 million and €800 million in annual revenues with Ebitda (earnings before interest, depreciation and amortisation) levels of between €5 million and €100 million, and net profit margins of 10 per cent-plus.
Woodberry was the largest shareholder in Fastway Couriers until May of last year when Elysian Capital acquired a majority stake in the business.
Previously, Mr Doran was the owner of Amerik Packaging, which had annual turnover of more than €140 million and was sold in 2016 to Spanish packaging group Saica.
