The company which supplies Sainsbury’s, Asda and Tesco with their plastic bags has been bought for less than £20 million saving - 600 jobs.
Europackaging has been bought back by its former owner after Mid-Ocean Partners agreed to take an £80m loss on the firm.
The Birmingham-based Majid family purchased their former firm after selling its to private equity firm Mid-Ocean just three years previously, reports thisismoney.co.uk.
Initiatives to cut back on the use of plastic bags in supermarkets to aid the environment, as well as the effects of the economic downturn, have hit Europacking hard.
The firm, which supplies products worldwide and is headed by Abdul Majid, faced being put into administration last month with 200 jobs at its Birmingham site and 600 jobs globally in danger.
The family appointed venture capital firm Moorgate Capital and working alongside law firm Lovells and auditor KPMG aid the deal.
Lloyds Banking Group, Bank of Scotland and KPMG are all understood to have helped the Majid family to acquire Europackaging.
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