Cork-based Zeus Packaging Group has acquired Koex Packaging Solutions, a Spanish company, for €24 million, marking the Irish group’s sixth acquisition in three years and bolstering its revenue projections for 2026.
The deal, finalized on February 14, 2026, is expected to increase Zeus’s annual revenue to €600 million, a 20 percent rise from the €500 million generated last year, according to reporting in The Irish Times. Koex, based in Madrid, also maintains offices in Miami and Paris, with a manufacturing facility in Fuzhou, China. The Spanish firm employs 45 people and generates approximately €25 million in annual revenue.
Koex Packaging Solutions serves a portfolio of international brands including Massimo Dutti, Pull&Bear, Fnac, Burger King, Reebok, and Steve Madden, providing premium packaging and logistical support. This client base will now be integrated with Zeus’s existing roster, which includes Hugo Boss, McDonald’s, Lush, Harrods, Nike, and TAG Heuer.
Zeus Packaging was founded in 1998 and began operations in Fermoy, Ireland. The company’s growth has been driven by both organic expansion and a series of strategic acquisitions, including JJ O’Toole in Ireland, and four companies in the UK: Boxmart, Smith Bateson, Swanline Group and Simpac.
“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,” said Brian O’Sullivan, founder and owner of Zeus, in a statement to The Irish Times. He added that Koex’s capabilities in luxury and retail packaging, combined with Zeus’s existing network, will create a full-service offering encompassing production, sourcing, design, and engineering.
To support its expansion, Zeus recently secured a €150 million line of finance from a syndicate of banks including AIB and three international lenders. The company has also appointed Brian O’Kelly, formerly head of corporate finance at Goodbody Stockbrokers, and Paul Hogan, a director with Irish-listed company Uniphar, as non-executive directors.
Brian O’Sullivan, who leads Zeus, has overseen the company’s growth into one of the largest privately owned packaging companies in Europe, with operations now spanning the UK, Spain, Germany, Poland, USA, Canada, Australia and New Zealand.
