Macfarlane Group Acquires Packaging Business of Edward McNeil.
M2 EQUITYBITES-May 9, 2016-Macfarlane Group Acquires Packaging Business of Edward McNeil
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9 May 2016 - UK-based packaging company Macfarlane Group plc (LSE: MACF) has acquired the packaging business of Edward McNeil Ltd., the group said.
Macfarlane will pay up to GBP 1.80m (USD 2.60m) for the business from existing borrowing facilities, with the deferred consideration of GBP 0.15m payable in the next twelve months, based on certain working capital targets.
Macfarlane said that the move is in line with its strategy to develop its packaging distribution business in the UK protective packaging market.
Edward McNeil is based in Glasgow and has traded for over 50 years. It currently has 12 employees and is an established regional distributor of protective packaging materials. In the year to 31 December 2015 the business generated sales of around GBP 3.60m.
Macfarlane Group has more than 60 years' experience in the UK packaging industry. Its Macfarlane Packaging segment is a UK distributor of a range of protective packaging products.
The company also headquartered in Glasgow, Scotland, and employs over 780 people at 29 sites, principally in the UK and Ireland.
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|Publication:||M2 EquityBites (EQB)|
|Date:||May 9, 2016|
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