LONDON (ShareCast) - (Sharecast News) - Bunzl has agreed to buy Brazil-based personal protective equipment (PPE) distributor SP Equipamentos, it announced on Monday.
The FTSE 100 outsourcing and distribution company did not reveal the price being paid for SP Equipamentos, but said its revenue in 2019 totalled BRL 143m (£22m).

It said SP Equipamentos supplies a range of safety products to customers across a number of markets, including the mining, steel, construction and agriculture sectors.

Completion was expected at the end of November.

In addition, Bunzl also confirmed completion of the acquisition of Denmark-based PPE distributor ICM.

That acquisition generated revenue of DKK 410m (£49m) in 2019.

"These two acquisitions will further expand and develop our safety businesses in Brazil and Denmark, complementing our product offering and broadening our customer base in both markets," said chief executive officer Frank van Zanten.

"Growth through acquisitions continues to be an important part of the strategy of the group and I am pleased that year to date our committed acquisition spend totals more than £400m.

"Our acquisition pipeline remains promising with a number of discussions ongoing."

At 0811 GMT, shares in Bunzl were up 1.58% at 2,591.33.

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