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Bunzl makes further acquisitions in North America and Europe
Bunzl, the international distribution and outsourcing group, announced on Wednesday that it has entered into an agreement to acquire a substantial business based in the Netherlands with operations also in the US and other parts of Europe and has also completed an acquisition in Canada.
The company has entered into an agreement to acquire Majestic Products BV, US Glove Co, Total Safety Supply Belgium BVBA and Majestic GmbH from Majestic Holding BV, a company owned by Rolf, Vincent and Hugo Kruiniger.
Based in the Netherlands, Majestic Products and its associated companies are principally engaged in the supply of personal protection equipment and safety products to customers in the Benelux and the US. Revenue in the year ended 31st December 2010 was €62.3 million and the gross assets to be acquired are estimated to be €30 million. Completion of the acquisition is subject to clearance from the competition authority in the Netherlands.
Bunzl has also acquired Network Paper and Packaging and Marpak Packaging Systems from the families and trusts of Martin Gill and Douglas Solaczek. Trading as Netpak and based in Vancouver, the business is principally engaged in the supply of packaging supplies and equipment to a variety of sectors throughout Canada, including fruit and vegetable growers. Revenue in the year ended 30 June 2011 was C$12.4 million and the gross assets acquired are estimated to be C$4 million.
"The acquisition of Majestic Products and its associated companies is an important strategic acquisition since it will not only extend our successful business in the Netherlands into the safety sector and expand our safety supplies business in the US, but will also provide the opportunity to develop a personal protection equipment business in both Belgium and Germany," says Michael Roney, Chief Executive of Bunzl.
"I am pleased that we have acquired Netpak as it complements the US based Cool-Pak business, which we acquired last year, and adds further scale to our business supplying innovative packaging solutions for both growers and food retailers in North America."
T: 0207 725 5000
1st September 2011