Macfarlane Group announce acquisition of protective packaging distributor Gottlieb
Macfarlane Group PLC (“Macfarlane”) is pleased to announce the acquisition of A & G Holdings Limited, owner of Gottlieb Packaging Materials Limited (“Gottlieb”).
This earnings enhancing acquisition further progresses Macfarlane’s strategy of building its protective packaging business through a combination of organic and acquisitive growth.
- Gottlieb is a well-established business based in the North-West of England, supplying protective packaging products to customers across a wide range of sectors, from its warehouse facilities in Manchester.
- Gottlieb has an experienced team of 15 employees, including two Directors, all of whom will remain with the business following the acquisition.
- There are opportunities for Gottlieb’s customers to benefit from access to Macfarlane’s extensive range of protective packaging products and services.
- This earnings accretive acquisition continues to demonstrate Macfarlane’s ‘buy and build’ strategy in delivering further stakeholder value.
- Macfarlane’s wholly-owned subsidiary, Macfarlane Group UK Limited, has acquired 100% of Gottlieb for a maximum cash consideration of £3.55 million (including an earn-out of up to £0.8 million based on agreed profit growth targets over two years).
- A further adjustment is due for net assets in excess of £0.3 million with the expected net assets on completion being £1.0 million, including £0.8 million of net cash.
- The consideration is being financed entirely from Macfarlane’s existing £30.0 million bank facility.
- For the year ended 31 December 2022, Gottlieb generated sales of £4.5 million, with EBITDA and pre-tax profits of £0.7 million.
Peter Atkinson, Chief Executive of Macfarlane, said:
“Gottlieb is a well-run, successful protective packaging distributor with an experienced management team. The acquisition of Gottlieb complements the recent opening of our new distribution facility in Heywood and further strengthens our ability to serve customers in the North-West of England. We look forward to working with the team at Gottlieb to support its continued growth.”
|Further Enquiries||Macfarlane Group||Tel: 0141 333 9666|
|Peter Atkinson – Chief Executive|
|Ivor Gray – Finance Director|
|Spreng Thomson||Tel: 0141 542 5191|
|Callum Spreng||Mob: 07803 970103|