Deal will help build network
Packaging group Macfarlane acquires Midlands firm
The company says the deal is in line with the group’s strategy to develop its packaging distribution businesses. It will strengthen the company’s activities in the East Midlands.
One made an operating profit of £0.4 million before non-recurring costs on turnover of £4.9m in the financial year to 31 July 2014.
Gross and net assets in the audited accounts at that date totalled £2m and £0.1m respectively. The acquisition is based on net assets at completion totalling £0.2m. The deferred consideration reflects One’s business plan to improve turnover and operating profits by over 25% by the end of the earn-out period.
Macfarlane’s chief executive, Peter Atkinson said: “One is a good quality, successful packaging distributor. 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.”