:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/Y2LHFAENL3CGV2HBDKIH724IMQ.jpg)
A subsidiary of Independent News and Media (INM) has bought out Paramount Packaging's 50 per cent stake in Reach Retail Services in a move that gives it complete control of the packaging group.
Reach Group, an INM subsidiary that also includes the newspaper and magazine distribution business Newspread, established Reachmount DAC, which trades as Reach Retail, as a joint venture with Paramount in November 2015.
The company is a supplier of products that include coffee cups, salad containers, deli trays, carrier bags, till rolls and cutlery. Its customer base includes Chopped, Fresh, Off Beat Donuts and Donnybrook Fair.
No financial details surrounding the transaction have been disclosed.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/JT7GTPLJZ65C3V2PNUTL3FKC4E.jpg)
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/SQZEVT5K52INWXBRRBIHN6BV6U.jpg)
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/5SW5QTGXQHRN6LKDDEUTZCTZMY.jpg)
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/LNVY6SZ5I5LRHB2MZ2S2YBU2KI.jpg)
Reach said the acquisition would complement its current retail offerings as well as continuing the company’s diversification strategy.
As part of that strategy, Reach late last year also acquired one of Ireland's largest stationery providers - Supreme Stationery - for an undisclosed sum.
“Ensuring our customers have access to the widest range of quality products, including books, stationery, newspapers and magazines is very important to Reach Group. By adding Reach Retail Services to our offering, our customers will have access to the broadest range of food packaging products,” said chief executive Ian Keogh.
:quality(70)/s3.amazonaws.com/arc-authors/irishtimes/016623f1-a68b-427c-b57b-ea9950f2c2e4.png)
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)