Cork-based Zeus Packaging is significantly expanding its footprint in the European packaging market with the acquisition of Spanish firm Koex Packaging Solutions for €24 million. The deal, finalized on , is expected to boost Zeus’s annual revenue to €600 million, a 20% increase from its current €500 million, according to reporting in The Irish Times.
The acquisition of Koex, which serves major international brands including Reebok, Burger King, and Pull &. Bear, adds to Zeus’s already impressive client roster featuring McDonald’s and Lush. This expansion strengthens Zeus’s position as a key supplier to a diverse range of industries, from fast food and retail to luxury goods.
Founded in 1998 in Fermoy, Ireland, Zeus Packaging has grown rapidly through a series of strategic acquisitions. Over the past three years, the company has acquired six other businesses, transforming itself from a local operation into a major European player. The company’s founder and owner, Brian O’Sullivan, emphasized the importance of building a sustainable and growing business, and fostering a strong culture within both existing and newly acquired companies.
“This is about legacy. Creating a business that has a future that’s sustainable and can grow, and clearly I need to develop a culture within our own businesses and the businesses we acquire,” O’Sullivan told The Irish Times. He highlighted Koex’s expertise in luxury and retail packaging as a key asset, stating that the combined capabilities will allow Zeus to offer “full production, sourcing, design and engineering capabilities at scale.”
The move comes as Zeus continues to pursue an ambitious growth strategy. In June 2025, the company completed acquisitions of Empire Tapes in England and Rio Tinto Plásticos in Spain, adding an additional €20 million to its annual revenues. These acquisitions demonstrate Zeus’s commitment to both geographic expansion and diversification of its product offerings.
Zeus’s growth trajectory has been remarkable. Starting from humble beginnings – O’Sullivan initially ran the business from his car – the company now employs 600 people across 26 countries, including operations in the UK, China, Spain, Germany, Poland, the US, Canada, Australia and New Zealand. In 2020, the company generated revenue of €210 million, increasing to €275 million in 2021. The €20 million acquisition of Austrian-based food packaging business Petruzalek in 2021 was a significant step in its three-year, €40 million acquisition strategy.
The company’s product portfolio is broad, encompassing industrial packaging like pallet wrapping and cardboard boxes, hygiene products for various sectors, and specialized packaging for takeaway meals. Zeus is also the world’s leading producer of twine and bale net. The acquisition of Empire Tapes, a specialist adhesive tape manufacturer, further expands Zeus’s capabilities in transit packaging, allowing it to offer tapes designed for extreme temperatures – ranging from -40 to +120 degrees Celsius – for industries like automotive and steel.
The acquisition of Rio Tinto Plásticos, a Spanish distributor specializing in sustainable packaging solutions for the vending, hospitality, and catering sectors, underscores Zeus’s commitment to environmentally responsible practices. O’Sullivan noted that the Spanish packaging market is fragmented, and this acquisition will strengthen Zeus’s position as a leading player in the region.
O’Sullivan has articulated a five-year plan to reach €500 million in revenue, a target the company is now poised to surpass. According to a report from May 2021, O’Sullivan stated that achieving this milestone would be “significant for an Irish company.” The company is now setting its sights on even greater ambitions, with a path towards exceeding €1 billion in annual revenues.
The rapid growth of Zeus Packaging reflects a broader trend of consolidation within the packaging industry. Companies are increasingly seeking to expand their geographic reach, diversify their product offerings, and enhance their capabilities through strategic acquisitions. Zeus’s success story demonstrates the potential for Irish companies to compete on a global scale, driven by entrepreneurial vision and a commitment to strategic growth.
