Macfarlane Group PLC Acquisition (1944U)
April 01 2021 - 1:00AM
UK Regulatory
TIDMMACF
RNS Number : 1944U
Macfarlane Group PLC
01 April 2021
1 April 2021
Macfarlane Group Announces Acquisition of Carters Packaging in
Cornwall
Macfarlane Group PLC ("Macfarlane") is pleased to announce the
acquisition of Carters Packaging (Cornwall) Limited, the owner of
Carters Packaging Limited ("Carters").
Carters is a well-established business, based in Redruth,
Cornwall, and is the leading distributor of protective packaging in
the South-West of England. The acquisition is in line with
Macfarlane's declared strategy of building its business through a
combination of organic and acquisitive growth.
Macfarlane's wholly-owned subsidiary, Macfarlane Group UK
Limited, has acquired 100% of Carters for a maximum cash
consideration of GBP4.5 million (including an earn-out over two
years of GBP1.5 million). The expected net assets on completion are
GBP0.9 million. The consideration will be financed through the
Group's recently extended GBP30 million bank facility. For the year
ended 31 March 2020, Carters generated sales of GBP4.2 million and
pre-tax profits of GBP0.5 million.
Carters focuses principally on customers within Cornwall and
Devon from its 25,000 sq. ft. facility in Redruth and will benefit
from access to Macfarlane's extended range of protective packaging
products and services. The business has an experienced team of 25
employees, including its two Directors, all of whom will remain
with the business following the acquisition.
Peter Atkinson, Chief Executive of Macfarlane, said:
"Carters is a well-run, successful protective packaging
distributor that meets our strict acquisition criteria and its
acquisition will be earnings-enhancing in its first full year in
the Group. I am confident that the business will prove to be an
excellent acquisition improving our geographic penetration and
extending our customer reach in the South West of England."
Further enquiries: Macfarlane Group Tel: 0141 333 9666
Stuart Paterson Chairman
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Peter Atkinson Chief Executive
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Ivor Gray Finance Director
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Spreng Thomson
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Callum Spreng Mob: 07803 970103
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Legal Entity Identifier (LEI): 213800LVRYDERSJAAZ73
Notes to Editors:
-- Macfarlane Group PLC has been listed on the Premium segment
of the Main Market of the London Stock Exchange (LSE: MACF) since
1973 with over 70 years' experience in the UK packaging
industry.
-- Through its two divisions Macfarlane Group services a broad
range of business customers supplying them high quality protective
packaging and labels which help customers reduce supply chain
costs, improve their operational efficiencies and enhance their
brand presentation. The divisions are:
o Packaging Distribution - Macfarlane Packaging Distribution is
the leading UK distributor of a comprehensive range of protective
packaging products; and
o Manufacturing Operations - Macfarlane Labels who design and
print high quality self-adhesive and resealable labels, principally
for FMCG companies, and Macfarlane Design and Manufacture who
design and produce protective packaging for high value and fragile
products.
-- Headquartered in Glasgow, Scotland, Macfarlane Group employs
over 950 people at 33 sites, principally in the UK, as well as in
Ireland, Sweden and the Netherlands.
-- Macfarlane Group supplies more than 20,000 customers in the UK, Europe and the USA.
-- In partnership with 1,700 suppliers, Macfarlane Group
distributes and manufactures 600,000+ lines across a wide range of
sectors, including: retail e-commerce; consumer goods; food;
logistics; mail order; electronics; defence, automotive and
aerospace.
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