RPC Astrapak has announced the acquisition of the Spec Group for an undisclosed amount subject to the finalisation of certain conditions. In terms of the transaction, all three of the businesses that make up the Spec Group – Spec Tool & Die, Spec Design and Spec Molders – will be acquired as going concerns. Three of the main shareholders – Dave Murgatroyd, Kenny Moore and Leanne Suarez – will be staying on along with the rest of their team, while Norman Hancock will be taking a well-deserved retirement, though he will still consult to the business from time to time.
The Durban-based company, which was established in 1991, is a household name specialising in the design, manufacture and repair of plastic moulding tools and dies and branched out into manufacturing with the establishment of Spec Molders in 2004.
“Having control and ownership of the process of managing our tool and die requirements from concept to completion and thereafter maintaining them has been a strategic objective for RPC Astrapak for some time,” said RPC Astrapak Chief Executive Robin Moore.
“The Spec Group was carefully selected for this acquisition based on their prowess and industry-leading track record as one of South Africa’s largest independent and most innovative toolrooms through Spec Tool & Die and Spec Design. Their reputation is proven by the immensely successful partnership already demonstrated through the award-winning innovative designs achieved in conjunction with RPC Astrapak prior to this deal.”
“Spec Molders brings some exciting new products and customers to us as well.”
“Buying the Spec Group business provides us with a good moulding business, but even more importantly gives us our own inhouse design and mould-making capability along with a very experienced management and manufacturing team.”
“Not only will we be investing in the business to improve its capacity and capability and create a dedicated Innovation and Design Centre for RPC Astrapak, but we will be linking it up with RPC’s global network of 32 similar facilities to bring the Group’s innovation, engineering and expertise to the South African market, and in time the African market, as our expansion plans evolve. This is particularly exciting as RPC is a global leader in all plastic conversion technologies and this investment will allow our customers to access RPC through RPC Astrapak.”
Moore continued to emphasise the importance of the synergy with RPC Group noting that one of the key reasons that RPC has been so successful is its track record of innovation and speed to market using world-class technology, which RPC Astrapak is now in a position to access and emulate.
“After 28 years of servicing the tool and die needs within the plastic packaging industry in South Africa, it is a proud moment for us to join forces with an international leader in the industry with whom we have an established and sound relationship. We are confident that the foundation we have built will be used to build great value within RPC Astrapak,” said Spec Tool & Die founder and owner, Dave Murgatroyd.
In 2016 RPC Group Plc, a UK headquartered design and engineering company of plastic products for both packaging and non-packaging markets acquired Astrapak for R1 370 million (£79 million) on a cash-free, debt-free basis.