Cork-based Zeus Packaging Group has significantly expanded its reach with the acquisition of Spanish company Koex Packaging Solutions for €24 million. The deal, announced on February 14, 2026, marks the sixth acquisition for Zeus in the past three years, representing a total investment of €90 million in strategic growth. This latest move is expected to propel Zeus’s annual revenue to €600 million this year, a 20% increase from the nearly €500 million reported last year, fueled by both organic expansion and contributions from recent acquisitions.
The acquisition of Koex, a company with offices in Madrid, Miami, and Paris, and a manufacturing base in Fuzhou, China, strengthens Zeus’s position in the competitive packaging market. Koex generates approximately €25 million in annual revenue and employs 45 people. The Spanish firm specializes in premium packaging and global logistics, serving a high-profile client list that includes brands like Massimo Dutti, Pull&Bear, Fnac, Burger King, Reebok, and Steve Madden. This expands Zeus’s existing roster of clients, which already includes major names such as Hugo Boss, McDonald’s, Lush, Harrods, Nike, and TAG Heuer.
A Rapid Expansion Fueled by Strategic Acquisitions
Zeus Packaging’s aggressive growth strategy over the last three years has been characterized by a series of carefully selected acquisitions. The company has been actively building its footprint not only in Europe but also internationally. In addition to Koex, Zeus has acquired JJ O’Toole in Ireland, and four companies in the UK: Boxmart, Smith Bateson, Swanline Group, and Simpac. These acquisitions have allowed Zeus to diversify its capabilities and expand its geographic reach, positioning it as a major player in the packaging industry.
Founder and owner Brian O’Sullivan emphasized the importance of building a sustainable future for the company. “Here’s about legacy,” O’Sullivan told The Irish Times. “Creating a business that has a future that’s sustainable and can grow, and clearly I require to develop a culture within our own businesses and the businesses we acquire.” He highlighted the strategic value of Koex, noting its strong capabilities in luxury and retail packaging, which complement Zeus’s existing network.
Strengthening Capabilities and Securing Financial Backing
The integration of Koex is expected to provide Zeus with full production, sourcing, design, and engineering capabilities at scale. O’Sullivan explained that the company’s focus will be on leveraging Zeus’s resources to further develop Koex’s established business. “Our job will be to capture what they’ve built over the past 20 to 25 years and use the power of Zeus to drive it on forward,” he said.
To support its ambitious growth plans, Zeus has also secured a €150 million line of finance from a syndicate of banks, including AIB and three international lenders. This financial backing will provide the company with the resources needed to fund further acquisitions and organic growth initiatives. The company has also bolstered its leadership team with the recent appointments of Brian O’Kelly, formerly head of corporate finance at Goodbody Stockbrokers, and Paul Hogan, an experienced executive who also serves as a director with Irish-listed company Uniphar, as non-executive directors.
From Fermoy to Global Expansion
The story of Zeus Packaging is one of remarkable growth, originating from humble beginnings in Fermoy, Ireland, in 1998. From its initial operations, the company has steadily expanded, demonstrating a commitment to innovation and strategic investment. The company’s journey reflects a broader trend of Irish businesses successfully expanding their global presence through targeted acquisitions and organic growth. CorkBeo notes that the company’s success is a testament to its entrepreneurial spirit and its ability to adapt to changing market conditions.
The acquisition of Koex Packaging Solutions represents a significant milestone for Zeus Packaging, solidifying its position as a leading player in the global packaging industry. The company’s continued investment in strategic acquisitions and its commitment to innovation suggest a promising future for this Cork-based employer. Investors and industry observers will be watching closely to observe how Zeus integrates Koex and leverages its capabilities to drive further growth in the coming years.
Zeus Packaging expects to announce its full-year financial results, including the impact of the Koex acquisition, later this year. The company will also continue to explore opportunities for further expansion and innovation in the packaging sector.
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