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Bunzl expands with further acquisitions in the US, Colombia, France and Canada
Bunzl has this week announced that it has agreed to acquire four businesses in the US, Colombia, France and Canada.
In the US, the company has entered into an agreement to acquire International Sourcing Company, which trades as Cordova Safety Products. Operating from two facilities and based in Memphis, Tennessee, Cordova is engaged in the sale of a variety of personal protection equipment, principally gloves, to distributors throughout the US.
Most products supplied are own label. Revenue in the year ended 30th September 2014 was c.£51 million. The acquisition is expected to be completed at the end of June.
Bunzl has also entered into an agreement to acquire Importadores Exportadores Solmaq SAS based in Bogota, Colombia. Solmaq supplies a complete range of head to toe personal protection equipment and other welding and industrial consumables to distributors, retailers and end users throughout Colombia from a network of six facilities. Revenue in the year ended 31st December 2014 was c.£14 million. Completion of the acquisition is expected to take place at the end of June.
In France, Bunzl has acquired Ligne T SAS, a distributor of personal protection equipment, principally workwear. Based in Montauban, the business supplies a variety of end user customers throughout the south west region of France. Revenue in the year ended August 2014 was €5.7 million (c.£4 million).
The company has also completed the purchase of GF, a distributor of industrial packaging, warehouse supplies and equipment based in Calgary, Canada. The business has a large and diverse base of end user customers in western Canada serviced from 11 facilities. Revenue in the year ended 31st December 2014 was c.£42 million.
The acquisition of Istanbul Ticaret, which was announced in April 2015, has been completed following clearance of the transaction by the Turkish Competition Authority.
Commenting on the acquisitions, Michael Roney, Chief Executive of Bunzl, said:
"The acquisition of Cordova Safety Products, Solmaq and Ligne T each represent an extension of our existing safety businesses in the US, Colombia and France as we continue to look to expand and develop our operations in this important sector. The purchase of GF is the sixth acquisition we have made in Canada since 2013 as a result of which we have developed a national business in Canada with annual revenue in excess of C$700 million. We welcome all employees of the new businesses to Bunzl."
T: 0207 725 5000
25th June 2015