In line with its strategy to develop its Packaging Distribution business in the UK protective packaging market, Macfarlane Group PLC (“Macfarlane”) has today confirmed the acquisition of the packaging business of Edward McNeil Limited.
Edward McNeil is based in Glasgow and has traded for well over 50 years. It currently has 12 employees and is an established regional distributor of protective packaging materials. In the year to 31 December 2015 the business generated sales of c£3.60m.
Macfarlane will pay up to £1.80m for the business from existing borrowing facilities, with the deferred consideration of £0.15m payable in the next twelve months, based on certain working capital targets.
Samuel Kingsley, Managing Director of Edward McNeil Limited, said: “I am delighted that our packaging business has been acquired by Macfarlane. The acquisition will create opportunities to develop the business in the coming years.”
Peter Atkinson, Chief Executive of Macfarlane commented: “Edward McNeil is a successful business with a high quality customer base who benefit from excellent customer service levels. The business has a good team, who will complement the Macfarlane Packaging Distribution business based in Linwood and strengthen Macfarlane’s presence in Scotland.”