Macfarlane in £3.25m deal for English firm Allpack

Peter Atkinson
Peter Atkinson: further progress

Macfarlane Group has acquired East Anglian firm Allpack Packaging Supplies in a £3.25 million deal financed from the Glasgow packaging company’s bank facility.

AllPack is a well-established business supplying protective packaging products to customers across a wide range of sectors from its warehouse facilities near Bury St Edmunds.

It has a team of 10 employees, including three directors, all of whom will remain with the business following the acquisition.

The initial cash consideration includes an earn-out of up to £0.75m based on agreed profit growth targets over one year. A further adjustment is due for net assets in excess of £0.4m with the expected net assets on completion being £2.2m, including £1.9m of net cash.

For the year ended 31 December 2023, Allpack generated sales of £3m, with EBITDA and pre-tax profits of £0.6m.

Macfarlane chief executive Peter Atkinson said: “This latest transaction follows three acquisitions undertaken in the prior 12 months, and clearly demonstrates further progress in executing against our buy and build strategy.

“Allpack is a well-run, successful protective packaging distributor with an experienced management team. The addition of Allpack to the Macfarlane Group further strengthens our ability to serve customers in East Anglia.  We look forward to working with the team at Allpack to support its continued growth.”

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