Had things worked out differently, RPC Group might today be owned by Promens. Both are fast-growing makers of specialist packaging — RPC’s initials stand for Rigid Plastic Containers.
In late 2007, Promens, which originates from Iceland but was quoted in Norway, took a 3 per cent stake in RPC. The assumption was that a bid would follow, because this was in the middle of the short-lived, doomed Icelandic financial boom.
In the event, the Iceland company was sold to private equity and was being primed for a float in Reykjavik. The company was investing heavily, but its reliance on the eurozone meant that a float might prove difficult.
RPC yesterday announced an agreed bid for Promens that values it at the equivalent of £307 million.