Last year Bingham-based One Packaging posted a turnover of £4.9m and made a profit of £400,000 (before non-recurring costs). Gross and net assets totalled £2m and £100,000 respectively.
A spokesperson told Packaging News the company acquisition model is to buy successful, profitable businesses to bolt on to the group.
Through this deal the protective packaging distributor will expand its geographical cover into East Midlands; any new investments in equipment will be considered as part of the whole group – One Packaging is already seen as a successful business in its current set up.
All staff will be transferred to Macfarlane Group, with the spokesperson adding that the acquisition is part of the model of also buying and retaining expertise.
An initial £2m fee will be paid from Macfarlane’s existing borrowing facilities, and the balance due Q3 2016, subject to certain trading targets being met.
Peter Atkinson, Macfarlane’s chief executive, said: “This acquisition demonstrates our continuing commitment to the strategy of developing our leadership position in the UK market for the distribution of protective packaging. We are delighted that Greg Almond will remain with the business. His considerable knowledge and expertise will complement the existing Macfarlane business in the East Midlands area.”
Last year Macfarlane acquired both Lane Packaging and Network Packaging, which boosted sales and operating profits.
In May this year Macfarlane reported a 13% sales increase, following on from a 7% rise in revenue earlier in the year.
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