The Business

Trueman Group is a pan-European manufacturer of recycled and recyclable flexible packaging products which are supplied into the food manufacturing, bakery, hygiene and pet food sectors. The Group focuses on service and technically led, bespoke production. The Group currently comprises three businesses, Hanmere Polythene, Plasmech Packaging (both UK) and Amerplast (Finland/Poland), and is led by a central senior management team.

The Deal

Chiltern initially backed an experienced chairman, David Lennon, and the incumbent Managing Director, Glen Morris, to acquire Hanmere from a family trust. Following the addition of industry veteran Jim Farrell as CFO/COO, Chiltern supported the business in acquiring both Plasmech Packaging in September 2020 and Amerplast in March 2021 to create a pan-European group. The acquisition of Amerplast also further strengthened the management team with the introduction of Amerplast CEO, Mark Rooney, as Trueman Group CEO.

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The Plan

Trueman Group is a stable, cash generative, specialist provider of polythene packaging products, supplying customers across Europe that largely operate in non-cyclical and food related markets. Chiltern will leverage its size to generate costs savings across its supplier base, combine its product portfolio and the capabilities of its sales teams to ensure cross selling opportunities are realised, while integrating leadership and production systems to reinforce and build upon its respective positions in its core markets.

In addition, Chiltern and the senior management team will actively target selective acquisitions to add further scale, customer relationships, products and capabilities to the Group.