Longacre invests in Bristol-based aluminium foil re-winder firm “Prowrap”

Prowrap, the Bristol-based professional re-winder and manufacturer of aluminium foil has secured investment from Longacre Group.

The deal incorporates Longacre will be funding both brands within the Prowrap portfolio – Procare and Wrapex – and would be maintaining the long-term future of the business in Bristol.

Longacre has been investing in small and medium-sized companies across the UK and Europe has backed Prowrap’s existing management team led by CEO Nick Scoon.

The deal was initiated and led by corporate finance partner Mark Naughton and director Alex Sargeant at specialist business advisory firm FRP.

Headquartered in Fishponds, Bristol, Procare specialises in high-quality hair foils, innovative dispensing systems and alternative colour placement systems, and supplies to the hair and beauty sector across the globally.

Operating from the same site rewinding business Wrapex supplies aluminium foil, cling film and baking paper to the foodservice and retail markets. It also manufactures its proprietary Speed-wrap dispensing system.

Nick Scoon hailed the support he received from FRP and said: "The team worked hard to find us the right investment partner and with the support of Longacre Group we will be able to grow the Prowrap Group and develop both brands from our base here in Bristol."

Mark Naughton added: "Prowrap is a fantastic business and it has been a pleasure to support Nick and his team on such an important local deal. We were able to adopt a flexible and creative deal structure that maximised value for the shareholders and secured the backing that the business needs to continue to invest.”

"With Longacre on board, I’m confident the management team is well placed to withstand the current market challenges we are all facing and will be able to embark on the next phase of their growth strategy."

Stani Schmidt-Chiari of Longacre Group said: "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."