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Macfarlane Group Acquires German Packaging Distributor PackMann.

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Vincent

MANews-(C)2009-2022

UK-based packaging company Macfarlane Group plc (LSE: MACF) has acquired German packaging distribution business PackMann Gesellschaft für Verpackungen und Dienstleistungen mbH, the company said.

Macfarlane said the acquisition is in line with its strategy of building its protective packaging business in Northern Europe through a combination of organic and acquisitive growth and is immediately earnings enhancing.

Macfarlane has acquired 100% of PackMann for a maximum cash consideration of EUR 8.625m (including an earn-out of EUR 1.75m based on agreed profit growth targets over two years) and a recovery for closing adjustments estimated to be EUR 0.6m, including EUR 0.6m of net bank debt.

The consideration will be financed through the Group's existing GBP 30 m bank facility.

For the year ended 31 December 2021, PackMann generated sales of EUR 12.8 m, EBITDA of EUR 0.9 m and pre-tax profits of EUR 0.8m.

PackMann has been established for nearly 28 years and supplies customers across Germany and neighbouring countries.

The business has a team of 112 employees, including its founder and director Frank Westermann and...

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