Bunzl enters into agreements to acquire four businesses
By Iain Gilbert
Date: Tuesday 02 Aug 2022
(Sharecast News) - Distribution and services group Bunzl has agreed to acquire businesses in the Netherlands, Brazil, Australia, and the UK.
Bunzl said on Tuesday that it had acquired Benelux-based logistics and warehouse-related supplies distributor AFL Groep as part of an effort to increase its exposure to the "attractive end market". In 2021, AFL generated €19.0m in revenues.
The FTSE 100-listed group also entered into an agreement to acquire Corsul, a leading distributor of personal protective equipment in Brazil, and said its acquisition of Containit, a distributor of warehouse storage solutions to the resources and defence sectors in Australia, and London Catering & Hygiene Solutions, a catering and cleaning supplies distributor, had completed in August and July, respectively.
Chief executive Frank van Zanten said: "Our acquisition of Containit allows us to expand into an attractive adjacent market, whilst the acquisition of Corsul will allow Bunzl to develop its operations in the Southern Brazilian PPE market. AFL drives our continued expansion into the attractive logistics sectors in Benelux and, at the same time, increases our digital footprint. Furthermore, the acquisition of LCHS supports our UK business by growing our presence in the South of the UK.
In total, we have announced six acquisitions year-to-date, with a total committed acquisition spend of more than £220.0m. The group's strong balance sheet continues to support our compounding growth strategy, with our acquisition pipeline remaining active."
Reporting by Iain Gilbert at Sharecast.com
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