The business will now trade as ‘inspirepac’. The company was previously part of Anglo American PLC, and is one of the UK’s leading retail-ready packaging providers for the fast moving consumer goods sector and speciality alcoholic beverage markets. Inspirepac has premises in both Chesterfield and Wetherby and the business has a turnover of over £30 million and employs 223 people.

The MBO team at inspirepac was led by chief executive officer Alan Goodall, supported by Chris Marples, sales director and Chris Munroe, finance director. The funding provided by Business Finance consisted of a mix of invoice discounting, a plant and machinery facility together with a cash flow loan. Modus Private Equity invested £8 million in the deal.

Simon Wells, regional director, GE Commercial Finance, Business Finance, said: “The buy-out team have a proven track record in the packaging industry and bring with them both entrepreneurial flair and a wide ranging contact base. The mix of facilities we were able to provide ideally suited the requirements for completing the deal as well as funding the future growth levels targeted by inspirepac management.“