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Macfarlane extends packaging business with acquisition

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Date: Friday 03 Oct 2008

LONDON (ShareCast) - Support services firm Macfarlane will be further developing its packaging and distribution business by acquiring Allpoint Packaging Limited for approximately £4.8m.

The group said £3.2m of the consideration will be paid immediately, with the deferred consideration of up to £1.6m payable in the final quarter of 2009, subject to certain trading conditions being met in the year to September 2009.

Macfarlane said Allpoint will strengthen its existing packaging distribution activities in London and improve market presence in the M3/M4 corridor. The management team at Allpoint will remain with the business post-completion.

"We are delighted that the Allpoint management team will remain with the business," said chief executive Peter Atkinson.

"They will add to our management capability and their experience in Far East sourcing will create new opportunities to bring more value to the Macfarlane customer base," he added.

The acquisition will be funded from existing resources with the forecast total group debt at 31 December 2008 currently expected to be below £9m.

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