Fri, 08 Apr 2016 | BUSINESS SALE
A Glasgow-based packaging group has secured its fourth acquisition in two years, as it continues its buy and build strategy.
The Macfarlane Group has acquired rival packaging firm Colton Packaging Teeside in a deal worth £1.25 million. The latest acquisition marks the group’s fourth purchase since 2014, as it seeks to consolidate a rather fragmented packaging market.
Colton Packaging Teeside, which is based in Thornaby near Middlesbrough, was an established regional distributor of protective packaging materials for rival group Colton Packaging, which is located in Leicester. In 2015 alone, Colton Packaging Teeside reported sales in the region of £3 million.
The deal will see the Macfarlane Group pay an initial sum of just over £1 million for Colton Packaging Teeside, with a further £200,000 promised if the packing firm achieves its “key financial objectives” within the first 12 months following the acquisition.
The Macfarlane group previously acquired Network Packaging and Lane Packaging in 2014, and in August 2015, it also bought up Nottingham-based firm One Packaging Limited.
Peter Atkinson, chief executive of Macfarlane Group, said of the latest deal: “Colton Packaging Teesside is a high-quality business with an excellent team of people who will complement the Macfarlane Packaging Distribution business based in Newcastle and strengthen Macfarlane's presence in the north east of England.”
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